Didn't interpret his comments to mean capital raise. He is refinancing to get a better deal on the revolving credit facility and to access environmental bond money. IMO cash balance will be in the range of 125 million going into FY2026. Absolutely zero reason to cap raise. Operations will be cashflow generative at current spot prices and an extra 240kt YoY going through Peak mill. AMI management current mantra is AMI offer a point of difference to peers in that they can fund their growth capital projects internally using FCF and a robust balance sheet.
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