no capital raising required. period., page-17

I can understand you not trusting management here fluffynymph but not sure you've spent a lot of time on the financials? You've only given net profit numbers which aren't very relevant at the best of times and certainly not at the stage this company is at. I don't spend a lot of time on it myself but roughly I get them about cash flow neutral pre development costs on a run rate basis for the moment. (All dependent on export coal prices of course). And pro forma for van mag and BEE2 they have net cash of close to $10m I think. (About half that cash is restricted from memory). With $50m of undrawn bank facilities.

If they are crazy enough to make acquisitions, they will need equity capital I agree. I hope for the sake of all the retail investors they show some mercy and focus on existing projects.