Ann: Mining Right Granted at Witwatersrand Basin Project, page-253

I don't know why everyone is expecting a capital raising? Nothing I can interpret says that it will be likely.
- There was over $2.2m in the bank at the end of March.
- The majority if not all of the drilling had been done and paid for.
- Both the MD and CFO have taken shares instead of cash for payment.
- Cash outflow has been minimal

The expected upfront cost to start mining is US$30m. With an expected AISC of between US$1000 - US$1100, and with borrowing at such low rates, it does not make any sense for the company to undertake a CR when lenders will be throwing money at them.

The quarterly is expected next week and the BFS is expected next month. I feel that those selling due to an expected CR will be caught out not holding when the share price corrects and all of the information comes to light.

As far as the valuations getting thrown around. Here are mine
Pessimistic - NPV(8) with 60,000oz per annum, US$1800 price of gold, US$1100 AISC, 15 year mine life, 66% ownership, gives a share price of 19.70c.
Optimistic - NPV(8) with a build up to 120,000oz per annum, US$2,000 price of gold, US$1000 AISC, 25 year mine life, 66% ownership, gives a share price of 68.48c.

Given these figures, I expect a reasonable takeover offer to be around the 30c mark.