This is Ashley Zumwalt, page-90

So looks like BMM have blinked and NOT converted.
Perhaps Texas HQ may have considered 9c was too high at a SP of 5.4c & a mutual arrangement for either tolling Lanfranchi or using POS infrastructure may be more important than a hostile war with gorillas in the jungle. The gorillas & mortein cans may have scared off the black widow for now.

If there is no conversion then this is the result:-

1. There is no further dilution of shares via a 230M issuance (the bearish dilution phase may finally be over)
2. POS is now debt free, with no CN or any other debt, be it secured or unsecured debt
3. POS has no unfunded trading debt either (this is a way stronger financial position than WSA ANL FMG were in at the start of their production)
4. POS has ~$16M-$20M cash at bank still right now, (zebstar can correct this amount please)
5. POS does not need any new equity dilution/CR for another 2-3 years at current cash burn ratio
6. POS will need a trading loan/CN from another source to fully restart BS (debt has been mentioned many times).

I think the SP should slide higher as the capper appears gone and not many daily sellers from such a large SOI.
If BMM considered a T/O bid at 6-8c to get the same 230M shares cheaper then they could have launched this the last 2 years but havent.

While NP remains sub DFS ratios most have ignored the REAL ratio that is the true determinant of a restart, the AISC or expense side.
If the expense side can be slashed with higher grades, lower working capital, low transport costs, lower AUD$ then the NP is irrelevant.
We saw this with WSA who continued producing all the way through the NP drop from 10 - 3.50 - 6.50 now when many like MCR PAN MBN POS Ravensthorpe shuttered. WSA had lower AISC, higher grades with a smaller 600Tpa mill nearsite.

Shareholders should be happy that POS is debt free with 2-3 years cash at bank with no dilution prospect for years.
And with AF currently receiving annually $1.8B in F/F divys from FMG he has a large warchest that may be able to finance POS with as he did before if the banker darlings wont.

Who needs BMM or the banker darlings anyway.
POS has world class deposits x 3 with no debt & no dilution right now.
In AF we trust!