Not happy a cap raise for 40% of Dorado CAPEX may be required. Payback period for CAPEX on Dorado is less than 2 years, possibly one. With Buffalo production starting 2023/4 and with Advance funding CAPEX maybe cash flow from Buffalo can fund the 40% of Dorado CAPEX (say $160m).
Funding $400m CAPEX for Dorado is a short term issue. Issuing shares is a long term issue. Maybe hit up shareholder for the 40% via debt issuance with healthy interest rate? Or issue shares with guaranteed buy back in say 2 years plus healthy interest rate. I reckon development finance will top 10% interest rate plus equity kicker.
Ann: Annual General Meeting Presentation 2021, page-26
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