Ann: $49.3 Million Placement Agreement, page-48

3 cap raises in a year. The mine was announced fully funded to production in December last year. We have done two cap raises since. One to speed it up, and now another to speed up the side project.

If you were a shareholder 12 months ago, you and your fellow holders owned 100% of the project. Now those same shareholders have been diluted to around 60% of the project. The Other 40% is owned by other people now.

Eventually, you have to stop diluting shares, make money, and increase the share price.