I reckon you are spot on. At the AGM PB was asked if he thinks he can get finance sorted with little to no equity dilution. He said they are aiming for 65% equity. I reckon the overall initial financing will be well over DFS figure, hence the need for equity dilution.
PB is not up to the task of bringing this all together. I would keep him on as a geologist and pay him half his wage.
Ann: ********* Interview - Paul Burton and Herbert Weissenbaeck, page-73
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