RE:RE:RE:RE:Risk/RewardCorrect... the full nut is due at Dec 31.... and yes they can refinance with a 1% penalty... assuming the lender will accept and that they dont violate any banking covenents.
See Q3 Condensed Statement of Cash Flows The company has only generated $7.7M in cash available for debt payments (Cash from operations less CAPEX) = in the first 9 Months which included a Sale of Assets of $36M...
Then the real discretionary cash from operations is a cash deficit of ($27M) which is calculated as cash from operations $68.9 less Additions to PP&E (CAPEX) of ($94.2M) less Cash Restriction ($1.7) .... So they are not really generating cash flow to service the debt....
Company must make quarterly principle payments of $2.5M beginning in April 2020. Can't do that if they are running a deficit of cash!! The are in a slow liquidation my friend....
If they didn't flush $7M x 7 Quarters... they'd have $49M extra dollars that they could have used to to service the debt.
I think Sherm sees it differently... he doesn't think the $7M/qtr really matters... he thinks we should just hope for higher gold prices.