The real "good" stuff is in the the MDA"The Company had a cash and cash equivalents balance of $2.9 million and working capital2 deficit of $22.1 million as at December 31, 2021."
"During 2021, the Company sold approximately 27.3 million common shares pursuant to the ATM Agreement with an average price per common share of
approximately $1.15 for gross proceeds of approximately $31.4 million. As of March 17, 2022, it has sold approximately 39.5 million common shares pursuant to the ATM Agreement with an average price per common share of approximately $1.06 for gross proceeds of approximately $42.0 million"
"At December 31, 2021, the Company does not have sufficient liquidity on hand to fund its expected operations for the next twelve months and will require further financing to meet its financial obligations and execute on its planned operations."
"In the longer term, as the Cosal Operations attain full production, the Galena Complex is optimized, and the outlook for gold, silver, zinc, copper, and lead prices remains positive, the Company believes that cash flow will be sufficient to fund ongoing operations. However, additional impairments to the carrying value of the Company’s mining interests and property and equipment may also be required depending on ongoing technical studies at Relief Canyon, or if both precious and base metal prices decrease from their current levels."
"Additional improvements in the predictive ability of the resource model are progressing with incorporation of the latest geological detail from recent pit mapping as well as new data from an extensive re-assaying program of over 14,000 historic exploration pulp samples. Management also initiated several metallurgical test work programs to investigate ore treatment options, including passivation of carbonaceous material, bioleaching, and carbon-in-leach processing among others with encouraging preliminary results. Current
metallurgical testing contemplates three phases, including bench, large column tests, and test heaps with each phase dependent on positive results from prior phases. As this test program progresses, findings will be incorporated into a revised comprehensive mine plan with updated operating and capital cost estimates. Results of these testing phases will be received throughout the year and continue into fiscal 2023."