What Hole?All this talk about what a big hole Ram has to dig out of is bunk. How much is this insurmountable amount of debt? To date they've probably spent $77 million from the SJT 1 project loan and $30 to $35 million of the Sprott credit facility. So their short and long-term debt = $107 to $112 million. SJT 1, when it comes online, will produce $33 million in annual revenue, and $28 million in EBITDA. That's plenty to service this debt. Just four or five years of operation could pay back all of this "insurmountable" debt.
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They had a serious cash flow issue: none of it was coming in until perhaps September, and how were they going to continue with development until then? They've solved their cash flow issue and they are financed (for all their activities, with a margin of safety) until production comes online.
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Nothing magical has to happen for the stock price to turn around. The majority of the work for SJT 1 is complete (confirmed in the annual report) and the power plant is coming online next quarter. The drilling program for SJT 2 is complete and if initial estimates hold true, will release huge project loans. All of this is going to happen. Don't let a financing at unattractive valuations distract you from these facts.