One positive is if that was the balance sheet at end Dec 17 it...

One positive is if that was the balance sheet at end Dec 17 it doesn’t sound like it’s gotten worse in the 6 months since - so they probably have been largely paying their way.

On that basis stoping at victory north should prove quite profitable, and long hole stoping there should provide pretty consistent volume of high grade feed. If they can also get some cream as well through selective mining at A1 and Union Hill they should be well positioned to start generating profit.

Agree with some of the points you and D1326 have been making and maybe some cynicism around motivations behind some of their decisions is warranted.

At the same time a rights issue does give everyone a chance to participate - and as major shareholder it also does mean Gandel will be stumping up a significant proportion of the funds.
They could have gone with a private placement - the price wouldn’t have been any higher and that would have led to criticism as well.

Clearing debt is always sensible in my view - a strong balance sheet is an important platform for growth.