Ann: AUD50M Secured Offtake Prepayment Facility for Nifty Copper, page-103

Probably about right.

They have about $10m in the bank, maybe less and cash burn continues, so things are probably getting a little tight. Financiers would probably have wanted a bit more in the kitty as opex breathing space until drawdown happens. Plus a bit of self interest by the Board.

It has been an interesting ride watching the SP being "massaged" down but I guess at least we all get another bite of the cherry at lower levels if we want.

A bit galling for long termers that sophistos get a big discount but that is the way of the world unfortunately. Retail last in line much like Oliver Twist, can I have more sir !! Suppose diversity helps in protecting against unwanted hostile bids. Lessons of Finders perhaps.

SP might wander a bit but there is now a lot of momentum building in this beast to keep it down for too long I suspect. The SP reaction at the offtake shows a bit of pent up demand at least. As long as program is maintained. Critical. Time will tell.

Cheers