RE:Called Everything is possible, but once this drops to $0.7x range and stays there in the new year, my bet is that CRE will become a takeover target. Someone may offer 50% premium or the astonishing $1.20/share lol.
As bad as it looks, they do have permits in place to build a mine and significant land package.
It's not that they will go bankrupt, that may happen while in construction and play out the NMX scenario but definitely not planning to hold it as I already burned myself.
The most realistic scenario if for whatever reason (hey management where are you???) they can't make a financing deal is to fall back to exploration and wait out the downturn for few years. Then say hello to $0.25/share.
And JSL very well may choose that route as he can wait, as they got paid anyway