Ann: Renounceable Rights Issue Shortfall Notice, page-20

Okay great result. Nothing for the underwriter.

Interesting to see that they changed their wording to say that the funds raised will be used to complete the DFS. In their prospectus the funds were only going to be used to start the DFS , and further funding would be needed to complete it.
This was a bit confusing to me as they also stated that funds would see them through to June 2018, and their developmental timeline showed the DFS being completed in June 2018.
I took this to mean that their timeline would be out by about 3 months. Probably a good idea to price that in anyway given their track record. Although with AJM coming online shortly they might surprise.

Hopefully with the UPFS we'll see a reduction in strip ratio and an updated resources size 20-25Mt.

At this stage in development AJM already had signed an MOU with two companies and 2 weeks after the PFS was released signed a JV. I was betting on the reason for the UPFS was that they wanted better terms before signing an MOU so hopefully something will come along in the next few months as funding will need to be sorted mid to late next year and financing a $66M dollar mine will require at least a 20-25M raise/20-25M debt and the rest from the JV partner.

Pity the market took the delays the wrong way and SYA ended up falling to 1c and was forced into a raise at these prices given that management were ultimately trying to avoid dilution through better terms (my assumption).

Also, I'm not sure about the gold being a catalyst for price as it doesn't really have anything in the way of a conglomerate (SYA will probably just go up based on nearology to NOVO and DEG). But another possible share price catalyst for SYA is their tenement next to the Mt Francisco tenement that is now partially owned by PLS. From the announcement PLS will have to drill it out before March 2018 if they want to increase their % interest

PLS is in orange and SYA is in green. From the image there is a approx 2km long pegmatite dyke running through SYA's land. Surly we could get a few mill if we sold off the land to PLS. A few million is peanuts for them. I'm sure the AJM management could strike up a deal.

NN