Ann: Trading Halt, page-101

Yeh, they're updating the A-Nth capex based on tender updates. which is a good and necessary thing given how old the BFS capex estimate is now.

The BFS NPV was on a non-diluted basis, so assumes all equity as I understand it. And that would mean >$30m dilution for equity only capex (plus working cap) on a current MC of around $80m MC. I've presumed that won't be the intention, with capex actually raised at worst at 50/50 debt/equity, maybe 60/40, if he confirms offtakes, tightens up on capex uncertainty with the tenders round, and presuming pricing remains robust to confirm profitability and make the banks' debt guys happy.

But his phrasing 'operational control' hints at a possibility of an all equity raise that gave majority ownership to an entity buying in. Bothers me. The A-Nth finance quantity on the WA Invest site listed as high as $70m also bothers me.

Otherwise, this looks solid.