eastern platinum does not mine JUST platinum. They mine a basket of pgms. The AVERAGE of that basket is what they get in revenue. Palladium is a part of that basket. It is priced much lower than platinum.
They LOSE money now with each ounce of pgms they produce. The WHOLE basket needs to rise substantially for them to make money.
They have labor issues as well as inefficiencies coupled with an incompetent management although the managers are great salesman ( as in over promising) and great fundraisers but they are terrible managers for a mining company and for investors.
Seems they finally gave up some options. I believe Ian has made over $30 million so far as ceo of eastern platinum ( correct me if I am wrong- this mostly came from "management fees" from Buchaneer management) . Why was he compensated so much while investors lose so much money? There was no claw back when platinum prices sank. He still kept his management fees. He can probably afford to give up some options. What was the redemption price of those options they gave up? Was it the higher redemption priced or lower?
Who is finally pressuring them do give up options? I'm sure it isn't out of the goodness of their hearts.