From the life of mine plan we knew that we were needing about US$60M for Morilla. We also need about US$194M for Goulamina (Our portion is US$97M for which we already have US$65M, Leaving US$37M on the table which we can likely debt fund or the entity can raise when it lists for itself).
Cash on hand is likely ~A$25m, and we have just raised a further A$47m. Giving a total of A$72m or US$54m, we have also earmarked US$50-75m Debt.
Now either management want a big buffer in case of a gold downturn (which will increase the capex due to reduced cashflow while the mine comes online) or they are strengthening the balance sheet for an acquisition. Under current market conditions the company can just about organically fund Morilla without any debt and is in a very strong position to deliver Goulamina to the market, I do wonder what else is on the shopping list....
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