Aug. 3 at 2:35 PM
$SDRC is attempting to layer complex, institutional-grade securities on top of a very lightly regulated, high‑risk corporate platform.
Here you have an unaudited OTC company proposing a
$222.7M capital stack (conduit IRBs, EB‑5 mezzanine, sponsor equity) on the back of revenue and cash‑flow projections that it explicitly and openly admits grades, tonnages and revenue scenarios are illustrative only – not compliant resources or reserves under S‑K 1300 / NI 43‑101.
The mining project appears to sit somewhere between exploration and early development planning: there is historic underground infrastructure and a built but uncommissioned 50 TPD mill, but no formal resource definition, scoping study, pre‑feasibility, feasibility, or bankable reserve base disclosed.
At the very least, mine construction financing usually follows discovery → compliant MRE → economic studies (PFS/FS). It’s unusual and could pose problems that the financing story is miles ahead of the reality of the deposit.