Not mentioned...
... in the FP article is this opinion from Canaccord: "We model a cash decline from Q3/19 to Q4/19 of $47 M to $36 M. We have incorporated a $55M equity raise in Q2/20 in our model to ensure TMAC remains working capital positive into next year."
Comment: should that come to pass, it would mark the third annual financing arranged around the time of the sealift. Even though last year's financing was predominantly a royalty deal, I just don't see a public market appetite for another equity raise...unless constructed at truly giveaway prices. Nevertheless, Canaccord maintains a $5.75 one year target. I enjoy reading Canaccord's research but I must say, they are embarassingly optimistic.
Lest I get too pessimistic, it is perhaps worth noting again that TMAC's market cap is approaching $300 M. Currently $316 or so. Meanwhile, next door neighbour Sabina is at Triple 5's and Marathon Gold is sneaking up to $281 M. Roxgold, which I have despised for the last year, bloody Roxgold is worth more than TMAC at $330-odd million. Actually, I'm beginning to warm up on ROXG due to some stunning drill results, but that's another story. Point is: $300 million doesn't buy you much when gold is in a bull market and I suspect I'm not the only one to have achieved this profound insight.