Knowing finance and debt deals for most of my life I can read...

Knowing finance and debt deals for most of my life I can read between the lines a bit more. So here's what we know. Blue Cap have first security over the whole mine (see quicj search of PPSR record) including brimstones share so don't be in any doubt it got knife edge close with no real way to pay the $8m they said they owed. Note the announcement after they went into trading halt they scrabbled together $600,000 to buy some standstill time to negotiate the extension of the facility. (Banks and clients use short standstill's all the time to just buy a few more days to get a proper agreement in place) And you don't go into trading halt unless it could go pairshaped quickly needing protections for directors by appointing administrators before blue cap appoints a receiver. Then in this last announcement they were obviously able to get a time extension to pay off the debt by end of April. An extra two months and obviously cover fact the debt was going up higher before it could be paid back down. So by my rough sums and what we know they owed $8m in jan. Then add $1m per month for mining, so by end of April will owe $12m less what they can pay off between now and then. But hopefully as others have pointed out they are now into the gold so cash should be coming thick and fast at these grades and as they get better. By then hopefully back on track as the profit is all at the bottom of the pit and no doubt it's very good grades and lots of ounces left in the open pit yet.