RE: Prem22 Jul 2023 09:28
Really I think the court case is one of the less important factors, much more serious issues loom for Prem.
The here and now is cash, cash to run through the FM period and try and turn things round. So the vote matters.
Assuming they get cash and escaped the first potential business closure, you need SC6 and to demonstrate a stream that has the potential, if scaled up to be commercially viable.
Mica must not figure as any sort of issue after the plant alterations.
Then you need one of two scenarios, Canmax to change tack, unlikely, or a third-party to get involved.
Next hurdle get a new interested party contracted in before Canmax payment date. That will be difficult.
If that happens the company may survive.
After all of this see what is left on the table for shareholders.
It is anything but a good situation.
You can't dress it up as anything else.
The two failings so far are no extra time built into the timetable for inevitable delays and the most worrying, the first cut was into Mica contaminated pay dirt and it appeared to be a surprise, hence a second cut. How did that happen?
Fortunes were spent on testing.
Prem will be lucky to recover from this.