You need minimum 18 months funding. 2 years preferably. That's likely $20m for Maronan at a bare minimum to achieve anything constructive.
On a sub $30m mkt cap co - which was the case for most of past 10 years - the dilution + control risks of such a raise make a spin out an understandable course.
So it's all on the metal pricing driving appetite for progressing the project.
I do think sovereign risk is going to become a major issue in next few years re gold/silver - and that may increasingly assist
Ann: Three Ways Drilling Update, page-84
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