Ann: Tunkillia Gold Project - Positive Initial Scoping Study, page-5

Big upfront costs to get this thing going. More money just in prestrip than the current market cap. Investors need to be realistic about how many shares will need to be printed and how much debt will be needed to build this mine. The starter pit is to maximise cashflow to pay back debt as fast as possible it is not to fund some expansion the starter pit will be processed through the same 5mtpa plant so its built upfront. 7.5% discount rate is low. look at the cost of capital around. I think Barton need a much higher gold price before this gets funded.