It's not the C1 costs that worry me. Its the costs from the CB's...

It's not the C1 costs that worry me. Its the costs from the CB's and secured loan. They add up to about$US 7.90/lb (the secured loan also includes principle repayments). They said something about dealing with the 2017CB "in a timely manner" in the last conference call I think, the SP has headed south ever since.

Have a look at shortman, the level of shorting has hardly changed recently, its trending sideways. My thoughts are that the recent plunge is related to a play to refinance the 2017CB with a low conversion price and maximize the dilution - great for the CB holders, not great for shareholders. They don't have enough cash to pay it out and won't while they are cash flow neutral/negative. They have to refinance, no other option. Selling a few shares now is nothing when you can get a lot more from refinancing a CB with a conversion price of for example 40c.

Reluctantly have reduced my holding recently, maintain long term faith but too much uncertainty at present.