As @Cringer54 points to, follow the money in Alwyn's incentive hurdles...
Alwyn wouldn't agree to hurdles that were unattainable imo, so the dates set are probably achievable if not give-me's.
- Capex and Study results etc all out before end June.
- Do a big, cheap CR, refill the accounts of all those selling last 12 months, and get debt-equity funding package together by September.
- Get construction contracts awarded and underway by end December 24.
- Construction complete and commissioning started by end December 2025 (within 10% of budget... no incentive for Alwyn to undercook capex right!))
- Stage 2 Study hurdle is a free gift to soften the 30-day VWAP hurdles that look great for holders but are low probability imo
Expecting a large pineapple capex and CR more than ever now... GLTA
Ann: Alwyn Vorster appointed Chief Executive Officer, page-24
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