it does seem like it would not take much production (5oz a day?) to at least cover existing debt.
"cover existing debt" is not the only cost in running a mine.
As for being unable to find willing lenders, the last few notes they issued were under terms of last resort. Convertible at 50% of the lowest trading price for the previous 25 days? Wow, that pretty much sucks.
Auctus Fund, LLC
On December 19, 2019, the Company entered into a Securities Purchase Agreement with Auctus Fund, LLC, (“Holder”) relating to the issuance and sale of a Convertible Promissory Note (the “Note”) with an original principal amount of $112,750 less an original issue discount of $10,000 and transaction costs of $2,750 bearing a 12% annual interest rate and maturing October 19, 2020 for $100,000 in cash. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature and warrant liability was $110,475 which was recorded as a debt discount. After 180 days after the issue date, the Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 50% of the market price defined as the lowest trading price during the twenty-five trading day period ending on the latest trading day prior to the conversion date. The Company may prepay the Note in cash, if repaid within 90 days of date of issue, at 135% of the original principal amount plus interest and between 90 days and 180 days at 150% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At December 31, 2019, the Note is recorded at an accreted value of $105,326 less unamortized debt discount of $95,564. Interest and amortization of debt discount was $9,762 for the nine months ended December 31, 2019.