The Co has cash, but… As of March 31, 2022, the Co had cash of $102 million, but owed $48 million to the Mexican royalty. The debts are overdue. The cash on hand will be gone quick as the two upcoming wells will cost some $20 million plus.
The inflow of cash was due mainly to the exercising of 43 million warrants for $40 million or an average cost of $0.93 per warrant in 2021. In the first 3 months of 2022, it received another $792,000 from 1.5 million warrants exercised at $0.51.
An avalanche of cheap shares being dumped is depressing the share price. You can't blame short sellers as the bogeyman causing the drop with only 2 million shares (US) and 1 million shares (Canada) shorted.