Take out metrics, page-23

Not uncommon to see a decent pullback post such a large capital raise. Importantly volume has been pretty light so no major cause for concern.

I would expect some of the instos to support the stock on market should it drop sub 50. They hoovered up all available stock at 52c which resulted in scale-back. While retail shareholders may not have been offered the same opportunity in the raising they can now buy on market at the same price or potentially cheaper.

Also take a look at the below chart. We are essentially at the production decision as we are now fully funded. Moving forward we will be valued by earnings multiples which as well all know will soon justify a much higher share price valuation.

Like the Instos I am taking a long term view on this one. A takeout is still the most likely scenario but until then I am happy to wait for cashflows. PNL is a materially lower risk proposition than it was a month ago.