Talk about ars.. covering, page-22

The DFS shows OBM had a tax loss of $258m to be utilised, before the $55m and $22m cap raise, so the loss to date would be around $300m, as a comparison, DCN had a market cap north of $350m when they commissioned its mine a couple of years ago, and failed .... now without doing much, it still worth $200m plus, it has 385k reserve from 2.4m resource on lower grade, almost identical to OBM ($70m cap) with higher head grade.

as to DFS, as someone mentioned, at the current A$2,400 gold price, applying the same methodology, the project would generate around $200m cash flow, all tax-free, the DFS counted $45m CAPEX (vs actual cost of around $50m) and didn't allow much for CAPEX sustaining, which cost to date around $15m including regional exploration, so $200m - ($5m extra CAPEX) - ($20m sustaining CAPEX 15+another 5) = $175m, say take away another 20% for ongoing extra labour costs, still comes to $140m free cash flow for 5 years, so $28m a year free cash. the IRR was above 100% even at a base rate of $2,100.

To say gold is not there if that's the case, I m not sure how they got a relatively low strip ratio of 6 at Riverina.

As to the cap raise, I think they have a $15m CBA facility currently expiring in Feb 2022, I don't think it has been used yet.