ann out on cap raising, page-86

I figure this is worth around 2.8/2.9c per share after share placement/ RI dilution based on my matchbox maths.

I can't see great catalyst for the SP in the short term until the BFS results.

Talk of multiples in the short term isn't sensible I feel and peoples thinking may be prejudiced by the Russian offer from yonks ago. No one will pay $550m in this environment for a project like this in my opinion.

With a MC of $68.5m approx at 2.9c and Capital required for mining, plus the infrastructure yet to be built, I can't see this going above 3.4c

I will be looking to buy at around the issue price though!

These are my opinions only.