febuary presentation, page-5

cheers Ashwil..likewise...Regarding dilution to achieve Wonarah I think we are looking at all or nothing here. Without an offtake agreement there will be no mine, without the mine there will be no dilution etc. In the end if any company attempts to go against the flow - unreasonable dilution is the result with the amount being dependant on the project attempted vs market-cap.

Basically with Maks current Market-cap it can't hope to raise the capital required without causing unreasonable dilution. In Maks case the MC and the project have become linked so as long as there is a lag between MC rise and project go then all's well. I can't see a scenario where the cart will precede the horse here. If RP prices reach crital level then Mak will be able to secure a long term offtake. If Mak does this then it's MC will change to meet the changed circumstance which factors in capital required to complete. First offtake might let us hit $1 so we can raise at 75 also raising via the oppies - MAk didn't invent that number out of thin air -it's likely to return.

Or we sit on our hands with Wonarah till RP prices change, - with population growth ( another 190,000 mouths to feed TODAY!), I figure this is a no-brainer if I'm patient. In the mean time we drill salt, flourspar, magnatite etc. With this much cash and a significant world resource Mak isn't going anywhere - unless as mngmt hinted today we get taken out in the mean time. :-)