Ann: Nifty Copper Project Restart Financing Update, page-157

Barry wanted $240 - $260m aud, however when we look back at the restart economics, the capex is $147 (including contingency), so there was $100m extra he wanted. So maybe we can look at a smaller funding package.

He has secured $50m aud from Transamine for offtake (pending bond finance), so that leaves $97m.

He had secured $35 from 708's if the financing was successful through the bond issue, and I believe many were cut back on there allotments. So if it had gone through it would have left $62m for the capex.

Now raising $62 plus some wiggle room would seem a less daunting task, that could maybe be shared with a larger CR, a smaller bond, and a little more from Transamine. The sale of the concentrator would definitely help.

If they just chose to start with the existing heap pads retreatment, then potentially the raise could be lower.