RE:Thanks Ernieandbert 1) thanks
2) the debt buyback (2x) and the cobalt swap were tranformational. And yes building wc at moa was intentional and strategic
3) the excess cash flow sweep happens twice per year...Dec for April and June for Oct. they need to meet the liquidity test amongst other tests for dec and April. No cap on what they are forced to buy should they meet all tests.
4) they could never refinance their debt They have ticked off bond holders too many times At this net debt level, and with the cobalt swap in place, debt is not a concern from a leverage perspective at all and will be completely extinguished in a few years or sooner if they do desire , but they will need to pay par plus. Either way, these juniors at $55 are a screaming buy. I would not be surprised if they negotiate with bond holders to remove the restricted payments covenant which does not allow them to pay a dividend or buy back stock...they do that and this stock and the juniors are on fire
Time will tell but so far this ceo has made massive transformational changes for this co in a short period of time and the market doesn't understand the valuation
good luck