Ann: Quarterly Activity Report - Q3 FY25, page-25

yes no cap raise needed but they mentioned about financial covenant in couple of years so it will depend on the recovery iron ore price based on the aisc price they provided. i think they would be smart to do cap raise well in advance if share price is higher before the financial covenants are forced. imo with 5b debt as it reaches the financial covenant date it will be targeted by shorters. I initially thought they will have 30mpa for irone ore with $30 profit but it seems their profits won’t be that much, $20 may be if iron ore price stays above $100. very risky play currently