Ann: Investor Presentation - March 2018, page-4

I don't know why you are still holding Jack, but let's be realistic about a capital raising.

The DFS will be out soon and is presumably going to make a case for proceeding with a mine. The cost of establishing one is unknown yet, but may well exceed our present Market Cap of $16,000,000.

Can this be funded by 100% borrowing? No, because any lender will want to see some increased equity.

So, any decision to proceed with a mine, necessarily involves a decision to raise extra money from shareholders. The question is "How much will be needed?"

As far as I can see, this company is a good deal better placed than it was 12 months ago, and, depending on the figures, it may well be up and running in two years time.