What am I missing ?, page-2

If that were the case, I'd be pretty worried. Can you show your working? Mine says Marda will provide a lot of cash-flow over the debt that will be paid to TrailStone. At $500 profit an ounce, for 160000 ounces, (we can use cash cost if we assume they do no exploration and will exhaust the the reserves), the total cash-flow will be $80m. Debt will be $30m if everything goes pear shaped, and likely will be less.

BOK has a $20+m debt facility that's still available, plus they have the cash from selling some tenements. though with the tenement cash I imagine that will be used up in one or two quarters.