Ann: Successful A$100M Equity Raising, page-25

Cheers Wassa, though I am honestly still waiting for Paul to really step up (he's almost as bad as SLRs management in regards to never bothering to present at a conference or undertake indepth interviews). btw - sorry about the scare

Interesting how he framed the raising.... "due to a lot of institutional demand".... which is surprising, usually it would be the company wanting the raising, not the instos! In saying that, it again gives me pause as to whether that gives any potential for the company to still have a good quarter ahead... or was the raising also because of issues with production (we simply don't know for sure because we continue to have no idea how the first 1/2 of this quarter has gone).

I did like to hear that PNR were able to be a little selective with the insto's that took the larger positions. This will hopefully flow through to a tighter register.

I think he did ok in regards to the debt reduction/no need for hedging.

What interested me far more was the information about Scotia.
* Scotia development all going to plan
* Likely ahead of schedule by the end of May
* We should be developing ore from U/G very early in the next Quarter
* Stopping by the end of the Sept Q

He also later mentions that the capital raising will allow a much larger drillout of Scotia overall to bring in more ounces from inferred and to "make the Scotia mine as big as we can" --> so it's likely that the 450ktp.a production target for Scotia is just the beginning.
He also mentions that he is looking forward to seeing if there are more lodes to be discovered within Scotia.

"Operations by the end of the year"
* By the end of the year we will be very close to steady state - I assume he is talking about filling the plant with U/G ore overall...?
* 70% of the processing plant will be fed by the two U/G mines
* Top ups from the open pit/stockpiles.

As I touched on earlier, it would seem that Mainfield via the Bulleen decline is the next likely U/G operation, with a large focus on drilling Butterfly to provide a 4 mining front over time.



No mention of the plant upgrade gives me hope that they won't start mentioning it, until they are truly profitable and proven they can generate real free cashflow................