@AlbertE, good point to raise mate. I did not make any allowance for additional equity - it is absolutely a possibility however. When I spoke to management about this topic, they were looking at an even split between equity and finance to fund the plant. This was pre-covid, pre-very cheap money and pre-major project status, so the mix may have changed somewhat towards a greater proportion of debt, but even if we assume a 50/50 split, by the time the plant is financed the SP should be closer to 40-50c. This means that we would be looking at approx 100m in additional shares to achieve finance which would create approx 7-10% dilution. There are a number of variables that may counter act this effect (bigger resource/mine life by then, fines offtake finally being signed, exploitation of other minerals etc), so I decided not to factor the dilution. If you wish to, I would recommend factoring in 7-10% dilution to your numbers IMO.
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8 | 228042 | 0.092 |
5 | 162000 | 0.091 |
15 | 566558 | 0.090 |
6 | 244301 | 0.089 |
Price($) | Vol. | No. |
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0.094 | 814846 | 6 |
0.096 | 114900 | 3 |
0.097 | 280988 | 2 |
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