If they don't get a deal or it doesn't look like they will get one for the mine the directors and/or ANZ will have no other option than to wind the company up. Trengallek is immaterial to whether they survive or not.
No matter how good we think the mine is, the company and ANZ need to convince someone else to take it up as it stands - in extremely trying economic circumstances.
VA is still a very real possibility - no matter how illogical it sounds for what the company actually has.
The mine has sovereign risk, economic risk (price of finance, POG) and geological risk (mine stability). In its favour they are hitting higher than expected grades of gold, POG is going up, many of the risks have already been realised (how much worse could it get?) and anyone looking to take it on can get it for a song.
ARX Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
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