Ann: Thick High-Grade Results in and Around Imperial/Majestic, page-39

Good assets like this could be fully or partly debt funded into production if management think it’s the best option. That means Dilution won’t matter even if they topped up down the track at higher prices. Toll treat speeds things up but our own plant might mean more money over time. If you toll treat the open cut high grade, a lot of your profit goes to them. If you build your own plant and put that through the plant, then that profit helps quickly pay down your plant. You Really want your own plant over time. Management will figure that out for us. There are only 110m shares on issue with options in the hands of management.
I still think that a surrounding mill will buy Bc8. It just makes so much sense and the M&A game is on in Kal moving forward. They won’t have the cost of a plant and can truck the open cut higher grade to their own mills. They would print money that way. This is why I think the cats are a bargain. We win either way into next year. Dyor.