RE:A Question from a HotCopper poster.. To me, the answer is it doesn't matter because the restart cost is minimal/meaningless.
"It is expected that earnings from reopening of the Los Santos Mine will be similar to the earnings at our existing Panasqueira production mine in Portugal. Capital expenditure is expected to be <US$1.3 million.
I say meaningless because Panasqueira had positive earnings from operations of about $2.5 million last year, so debt or equity, at Los Santos the capital cost is paid for in 6 months. We aren't talking about building a mine, just an adjusted treatment for tailings from already mined material.
At the end of q1 Almonty had $6.4 million cash, with the restart planned for q3, the capital cost has likley already been paid for out of cash.
Lewis was clear they will do a small equity raise to keep the progress on the downstream humming along, again this is equity I'm happy to use for future earnings.