They had a plan and it turned out to be a bad one.
Their plan was to fund a large portion of capex from the unlisted options that expired earlier in the year. Poor risk management on that strategy.
“What if the market tanks?”
Perhaps also bad advice from brokers.
Delay in mining license didn’t help which impacted newsflow on offtakes.
Ann: Increase in Montepuez Graphite Reserve, page-13
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