This company is about to default on its shareholders Share price heading to $0.05 cents Monday.
From the MD&A "To continue operations at the Elk Mine, and to be able to make the $3,000,000 promissory note payment due in May 2023, the Company will need to improve operational performance and will require additional equity, debt or an alternative form of financing"
The leadership blew through $20 million in a year with no reasonable EBITDA to justify their existence. Told the haters this leadership team was misrepresenting the mine status - it's deep narrow vein unprofitability. Expect significant dilution or bankruptcy. They have no cash to make the $3m payment. Working capital does not support sustainable operations at current grades.