Ann: Scoping Study Results Greater Duchess Project, page-94

CNB has indicated that they will not require a market raise or dilution...

Given that they have a clear, structured path to production, they should be able to attract a substantial bank or private equity loan and pay it off using income from the mine. This is simply the industry standard. It fares better for both directors and shareholders alike. Given that funding requirements may potentially be above current market cap, this is the path to production. Once an agreement is determined on whether or not they outsource the refinement process, then funding will be arranged. So I could make an assumption that the amount of funding needed lays in the hands of Glencore processing our unrefined ore, or if CNB will invest in their own facilities. Both have pros and cons and I am sure that management is well and truly on top of this substantial decision. Either way, no capital raising, rather structured debt facility, as is the norm in mining.