Wonawinta will be a company maker, page-44

Sadly geology has nothing to do with the present predicament
The NZ asset is straitjacketed by regulatory / environemental issues
The local assets are straight jacketed by management that cant decide if they want to be a gold stock or a silver stock and by a balance sheet that is absolutely screwed.
I am sure the last thing TransAsia want as a lender is to be handed the keys to the asset and have to sell the mill to recover their money but the lack of counterparties willing to refi the debt now 6 months past the original deadline must be of great concern. As long as MKR can fund the 15%pa interest on the facility I guess they will be ok but MR must be running out of options to cover this cost. The weighted average interest rate on the $38m debt is about 20%. No company without cashflow and so out of favour with equity markets can cover that for much longer.
I suspect a debt default or a 1:1 equity raise at <2c is on the cards for 2025
unless a miracle refi can finally be achieved