Ann: Positive Results for Taronga Ore-sorting Test Work, page-200

My only other issue is that with 2.7b shares on the register ANW has left themselves with very little room to manoeuvre for capital should they need it for (as an example) a big giant processing plant at Taronga or MtCobalt.

To be honest that is so far the only Achilles heel as far as I can see. Two possibilities here

one - they don't care because they have a means to raise funds though Lind ongoing. Plausible given their relationship.

two - they don't care because they know revenue from G2 plus Lind will be sufficient for T2

three - they'll consolidate the register at 10:1 and go again which would explain why they are taking big share tranches as payment. Essentially to position their portfolios post consolidation.

four - they don't care because there is a JV or a divestment transaction coming. Maybe Granville or MtCobalt. I doubt they would divest Taronga - it's way too big, underproven to get get true value and NM would know it.

Same goes for Pembroke. Too big and too unproven to be divested now to anyone. They simply wouldn't get value from that transaction and we know they are shrewd operators don't we?

All speculation is IMO