Ann: Equity Raise Presentation, page-79

There you go Peppie - From the helm: Spartan Resources (ASX:SPR) Managing Director, Simon Lawson

Interesting that I missed the relevance of the high grade stockpile (I had focused on it's importance in regards to ensuring they have a 3+ month supply, but... it also has the ability to back any small debt facility they might decide to secure, though my preference is to 100% fund everything from shareholders.... ensures there is no-one able to put any leverage on you, though... perhaps there are other benefits to borrowing, including... a bit of extra firepower against RMS, or.... who knows, maybe SPR has it's on on some very early stage assets in W.A....).