AGM, page-149

Who said anything about upfront of $500M or $376M USD required ? I was pointing that it was not fully funded and therefore would require CR, hence there was talk about CR vs Debt, and I believe that consolidation of the shares is in preparation for future dilution. Which is why (in one of my earlier post) I would ask what is the purpose of Consolidation 5:1 ????

This may or may not end up listing on HKSE in order to draw in new investors but ultimately, it is about raising cash, therefore CR and dilution. Could debt be an option? sure... but I reckon they rather use the cash to develop SDV than pay the banks and CR (from GXY point of view) is probably a better way to go than JV if they want to keep 100%.

Let's see how one of my scenarios plays out

US $376M required between 2017 - 2019 (with first small production in late 2019)

$850USD per tonne on 160,000 from Mount Cattlin
Opex: US $350 per tonne (though it could go as low as $300 per tonne as they improve efficiencies at Mount Cattlin)

Net Cash: US $500 per tonne on 160,000 tonne = US $80M

US $80M x 3 years (2017-2019) = $240M

Leaves US $136M shortfall or $180M (AUD @ 0.75)