reducing shareholder dilution, page-57

A good percentage of the $18 million CR is for regional exploration. I can't see an institution investing money for future royalities when there may be none. They are going to wait until we confirm a resource first.

Also $3 million is for a deposit on some mine plant. This is good business. If they waited for the $70 million and then went looking for plant, there would have been a lengthy period where we had the money and nothing to spend it on.

Once we have the $70 million, $3 million of this that would have been for the mine can be allocated to regional exploration as well.

I think some are putting too much emphasis on the $18 million being tied to the $70 million. There are advantages having the two sources of money at the same time.
It is good to see that AVB aren't just resting on the Stage 1 mine but are continuing to look further expansion.
That would obviously get a tick of approval from the big boys as well.

If the mine wasn't in the picture and AVB asked for a CR for more exploration, most wouldn't have been too upset.

As for management performance, one can look at this two ways.

Did they cause the problems like the lost Vale deal and the drawn out finance deal and deserve to be critised or do they need to be praised for overcoming these problems and still remain focused on the main objective of building a mine and expanding their business.