Ann: Non Renounceable Entitlement Offer, page-144

It does make a lot of sense but the Government has no money. They have put in $0 and I doubt that will change. Even their project with Trafigura in Cuba makes Trafigura a lot of money but the Cubans get a very raw deal.

Hence why it is so cheap to enter these projects in Cuba, the government is desperate for foreign investment.

I'm honestly still baffled as to why another mid-tier player who is cashed up hasn't entered Cuba. So many very decent small-mid sized mines that the government are basically giving away to whoever wants to develop them... Even in the case of AAU. We are sitting on projects with NPV in the hundreds of millions but no funds to develop them... and there's even another mine ready to go in Cuba that the government is happy to hand over to AAU one we prove we can get at least 1 mine up and running.

The prospect of seeing all of AAUs upsides evaporate over the inability to pull together $30M odd funding to get the first mine up and running is extremely frustrating... and honestly quite sad for Cuba as well.