The only reason I can see them having the bridging loan is to...

The only reason I can see them having the bridging loan is to buy time to raise further capital, hopefully under more favourable conditions (ie. the Silver price improving).

The company is really starting to gamble - so much is dependent on things totally outside their own control.

I can't see how they can continue to operate without a significant restructure of their financing. If they had got up to production properly this time last year, it would have been a different story, as the company would have had 6 months of high silver prices to boost their cash position.