I think the main issue is that their all inclusive cost per ounce including exploration is more than $1600. They need to be able to mine 2500 TPD ore at an average grade of 4 GPT with a mill return of 90% to get 100 K ozs. The average grade was better last year but the mill only had an average thruput of less than 1700 TPD. The mill was upgraded to 2500 TPD in the 3rd qtr but tonnage out of the mine was far less. Development ore continues to keep the grade down. Long term planning would have had them raising money far earlier at a higher price but the screaming about dilution would have been loud.

Management needs to be more porous about what they are doing and react before a crisis not after. When you shop for money in this market the brokers have you by the short and curlies and they sell. Retail investors get duped in to believing it is a temporary low and buy, which creates more volume fo the rats to sell into. If this is how supposed experienced and educated managers run a company I'd like to know where they were educated.