RE:Buyer will speak Strinetemple,
I agree. From what I can see, the whole plan was to start in the best high grade and make lots of money and pay back all of the debt but with the combination of higher op costs, higher capex, lower throughputs and lower recoveries, they have struggled to break even with the first portion of high grade. Now the grade is declining and they are pushing more declines while still messing around with capex at the mill so that they can get back into the good stuff.
The reserve grade seems to be below the break-even grade at these throughputs so if they don't find more high grade and reduce costs this seems like a ship wreck in slow motion.
to me other mining companies will either wait until the share price collapses and they can get rid of all of the debt/re-structure or TMAC turns it around and gets the throughput up to a point where it was supposed to be in the first place. it feels like the first choice is more likely to me.
good luck