What I expect to see in the Quarterly Report, page-17

I hate to say it but administration is my prediction too. CMC have to pay $5.5million 12 months after the first $3.5million payment, so why not delay as long as possible to get the funds together.
I'm assuming we will get the first $3.5 million before November but we will likely owe more cash than that by then hence the need for another loan/CR. HAV has dug a big hole for themselves now and I can't see how they get out of it without some left field event like SIMEC grabbing our iron ore before it's a JORC resource.
Personally, I'm weighing up the option of just taking a loss and getting some cash back before it's too late. I'll wait for the financials and see just how bad things are.