The main problem could be the location of the mine. Higher costs and taxes due to the palladium mine being located in Canada. If the palladium mine was located in some foreign country that has cheap labor and lower taxes like South Korea or Eritrea it would be highly profitable.
Watch the first quarter. They will turn in a Profit. Now they have plenty of cash to execute the Business plan and with Palladium raising above $ 800 (See Chart this morning) the Company could actually go out and sell 2 years production Forward and look in a nice Profit.
What is clear, the market knew about the 3 days average rule to fix the CV and the Warrants and for some it was a free lunch to sell ahead. Even those who gave the Money could have sold (short) as they knew they would be covered through the CV.
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