why hasnt drilling started yet, page-286

"It reminds me with kaboko operating in declining manganese area lory"

You were raving about >55% grades. Now Peco comes in at <42% grades. That's the definition of decline.

"now to imagine the company is going to do rights issue, another Celtic note, dilute the register by another 30% is nothing but of ridiculous, instead of being fully funded from Noble deal"

Why does it need to be "another" con note. We already have one. That dilution is inevitable. You talk as if it has been avoided somehow.

Right now, today, at current sp and 15% discount to vwap, that note will be 20% dilution.