Deficits matter but every junior is in the same boat. They will not get a loan unless they have an asset of some value to put up as collateral. If they do manage to get a loan, it will be for a small amount at high interest rates.

Any company with lack of near-term cash flow will have difficulty getting a favorable loan, deficit or not. If they are a junior explorer / development, retail, car dealer, lemonade stand, it doesn't matter. Lenders could care less about a deficit. They just want to get their money back + interest and the way they get this is through cash flow.

Tyhee received its loan because the lender saw that the Santa Fe deal would bring cash flow and repayment of the loan. They didn't look at the deficit and say "well, we are not going to lend Tyhee $5 million because of a $35 million deficit". That is complete nonsense.