Ann: Rafaella Completes circa $1.2m Private Placement, page-23

Great post Phil.

Can’t see dividends imo. This is a capital beast and any free cashflow will be invested back in the business, which makes sense. I’d actually be a bit worried if they paid a dividend. Why pay a x% dividend when you’ve raised capital at 6.6c. Reinvest it back in the business or buy back shares.

If any of their drills actually hit something then unless they sell the lease/tenement they’ll need a shit load more $$$ to prove up the resources, get the feasibility studies done then move to develop then production etc. Its a capital growth story.