Ann: Trading Halt, page-119

"But with the initial cashflow committed to reducing debt, this additional capital will allow us to immediately accelerate our strategy to unlock our growth projects, which have potential to generate significant returns for shareholders."

So it was precisely per my previous post. The business could not have pre-empted the 20% inflationary pressures on Opex at the time of prior raises, and this will have had a material impact on cashflow liquidity against Macquarie loan repayment covenants.

In order to make rapid, value adding progress in an otherwise good market environment, our choices were down tools on expansion initiatives until cashflow/liquidity met conditions, or take a small raise and facilitate the rapid company growth plans.

The inflationary pressures were always likely to bite somewhere after managing to successfully navigate a major capital/development outlay remaining on budget through some of the most challenging macroeconomic conditions in decades.

All that said, I am keen to see news on commercial production plans, finalisation of the water upgrade to the plant, Blue Spec DFS, and drill results from the last campaign, all of which I feel are share price positive and at least feel overdue.