That said, my $50m debt scenario was not based on any capex for refurbishing. It is simply from looking at a number of TAM quarterly's since 2007 and understanding that more/less Coyote costs the company (when accounting for exploration/admin etc) approx $5m Per/Q to run. Given current debt of $25m as of March Q and taking interest, my read is approx $50m debt come end of Dec Q.
Decision time from management is getting close in my opinion. No more kicking the can down the road unfortunately.
TAM Price at posting:
64.2¢ Sentiment: Sell Disclosure: Not Held
