dra, page-8

it is an interesting situation if dra are going to take shares in lieu of fees .
The question is at what price will the shares they receive be at and what effect will that have on value etc.

It is a tough position if their report shows a glowing project with a billion dollar value lower opex and capex.
if the number of shares was set at the time of the agreement when the share price was much higher you could see the equity stake being acquired at the equivalent of 20+ c .
if it is at the time of the delivery of the report ie now it could be around 11c based on last weeks trade with 10% discount.

What will the market do if dra are happy to take their shares at 15c-20c + ?
as for dilution Genorah may just have to start spending their own shares to fund this stuff, instead of diluting it through their own inaction.