Ann: CASH AND US$5M EARN-IN & JOINT VENTURE AGREEMENT FOR ALASKA, page-36

Not sure about that . Namely because in the first 4 days of trading since 26th May , we had 13,982,679 or 4.47% were exchanged on the ASX , with a further 23,998,407 or 7.67% of the total SOI of 312,776,182 and 36.62 % of Tranche 1. changing hands on the ASX in the following 5 days .

So that's a total of 37,981,086 or 12.14% of the total SOI and 5.8% of Tranche 1 being turned over in just he 11 days of trading since 26th May 2020.

So again if you then presume that the the additional 10% of Tranche 2 will go to a cornerstone , that would leave 42,518,352 under the ' refreshed 15% 7.1 capacity limit going to existing shareholders which would most likely look like something like a 1 for 7 entitlement rights issue.

So in my book that's a potential dilution of anywhere between 70 - 80 % to existing shareholders across both Tranche 1 and Tranche 2. Especially when it comes off such a marginally held Top 20 and an overall lower comparative SOI than say others in the same sector.

So in my opinion , this would go along way in explaining why there seems to be this ' underlying ' strong impetus and demand to increase holdings by a factor of 2 - 3 times the issue price. This and because Tolga has ' scooped ' up what looks to be only a starting position with his 7.36%.

And we must keep in mind that this sort of ' dilution ' is significant given that many of the smaller shareholders would have obtained their existing at anywhere from a 30 - 40% discount to the issue price of this particular capital raise so may in fact be quite prepared to average up their current holdings ahead of their diluted allocation.y - if you base Tranche 2 on the ' refreshed 15% ' limit with the I would definitely