Ann: Renounceable Rights Issue to raise up to $15.8M, page-144

I sold out of MGT right after the raise. If it drops down, I will buy back in.

If we look at the metrics here, 3mtpa at $150us/t and a AISC of $50us/t gives a rough 300m EBIT. I'm giving a conservative 9-10B SOI once in production gives an EPS of 3-3.3c per share.

If we look at the 7mtpa equate to 7-7.7cps, if we consider no further equity raise for the stepped upgrade.

These are not bad metrics by any stretch.

HIO are taking a more risked approach due to high CAPEX, with an unknown amount for dilution. But if it pays off, then I think it should be applauded. The hope is with the transition to green steel and more emphasis on decarbonisation and ESG, larger production facilities with higher CAPEX(but higher returns) are more feasible than they previously were. FMG were able to raise 800m US in convertible notes earlier this month for eligible green projects.