Ann: RXM Equity Raising Investor Presentation, page-123

Hi. Just to clarify. I’m not suggesting that one of the conditions in the PEPR has something to do with funding. All I am saying is rxm needs funds to pay ppl or consultants to draft responses to the regulator’s questions. This may involve additional research work.

I agree that the regulator should be treating this as a high priority project, especially given that copper mining is one of SA’s core growth strategies.

I would argue, however, that the management did not foresee this round of capital raising. The discount was so high and the cap raising was so close to PEPR. That suggests that this done last minute and was purely due to them running out of cash before they can get all the PEPR queries resolved.

they probably thought that PEPR would be approved a couple of months ago, the shares would jump up higher, and they would raise a capital at much higher share prices. If what you are suggesting is right, they would have done capital raising when shares were at 22c. This is all just my speculation of course.