Canadian precious metals miner Platinum Group Metals (PTM) has cut its 2017 guidance from 100 000 oz of platinum, palladium, rhodium and gold (4E) to 85 000 oz 4E, saying it is working with BMO Capital Markets and Macquarie Capital to review and assess corporate and asset-level strategic alternatives.
As at February 28, PTM held $25-million in cash, however, to achieve positive cash flow and to maintain its working capital covenants in 2017 under existing loan facilities, it will need to source $10-million to $15-million of further funding through refinancing its existing debt, issuing new debt, private or public offerings of equity or the sale of project or property interests.
