Ann: Andy Well Project Update , page-16

Its good to see they gave the existing holders a chance to participate- shows a bit of respect for them, especially when the cut off for holding was before they came out of halt. Means no one can buy in just to get discount shares.
Still dont fully understand why they need to keep taking money and drilling holes when they have a high yield resource pretty well identified. dont know if the cost per oz to produce is an issue for an australian resource-- would you expect it to be higher than $400 per oz??
If not then the 250000 estimated oz in the ground must be worth simple calc of 250,000,000. 20Mil pales into insignificance against that, even if they only pull out 30-50,000 oz per year. The longer they take to start producing surely the larger the shares issued number will be. Why not keep the shares on issue down, get an income, and explore further using your own money. Obviously im a pretty unsophisticated investor i guess, but im curious why so many explorers keep blowing out the share register to drill into resources they already know are there. Surely the BFS is only necessary to get a loan from a bank at some absurd interest rate. Why not offer existing holders more equity on existing resource information to build a mine and make money. I know id be game to put in based on grades and resource announced to date- its not like an oil explorer (see meo recently??) who builds hopes then hits dust in the drilling. Surely a mine can be built for 50-80mil and theres 20 million right there now with only 3 million offered to existing holders.
Dont get me wrong, i love the way this company is going, but id also love to see them break the mould and approach a start up differently to everyone else, particularly with the current SP and shares on issue. Surely if you get an income you lock in the current price??