Here's my thoughtsIn my opinion, Excelsior started production earlier this year and discovered during that process that certain technical issues needed to be addressed. Management advised shareholders of this earlier this year. There are thousands of intricate moving parts in operating the wellfield and it was better that issues related to them be addressed early on rather than later. It is my understanding that during the Covid shutdown they were able to substantially do that.
Regarding Covid, please explain to me how management could have anticipated that. Millions of businesses were shut down in the U.S. and plans delayed as a result of the pandemic. Management cannot be faulted for what this virus did to not only the acid supply chain but also to the disruption in other components critical to running the wellfield. Some have mentioned that Excelsior should have secured a long-term contract for acid. OK, but what good would it have done if the acid suppliers couldn't deliver.
The copper isn't going anywhere. It's there now and it will be there next year and for the next twenty or so years. People need to not get their panties in a twist. If you can't ride out this bump in the road then sell your shares. I'll buy them. Whether copper is produced in 2020 or 2021 makes no difference. My analysis of the burn rate is that Excelsior can ride this out for another 18 months or so before the need for a capital infusion.