PPE alone covers the current market cap ~1.5 times. 2 things can happen. 1-they don't stop wasting cash, no one will do a cap raise with them and they liquidate (my guess is ~$12m value assuming 0 cash left) or 2-they start making $ and the market prices it in the SP accordingly. This is pretty much arbitrage folks.
Ann: Unaudited Preliminary Final Report - Appendix 4E, page-2
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