Ann: Trading Halt, page-18

Fair points and it can go one of two ways. The SP stays the same or goes down = have to raise equity to pay down the con notes and ultimately worse off. The SP goes up = raise at a higher equity vs the current SP and better off, with a cap of the con note strike price.

So it is a (risky) play on a higher SP. The question management would be asking is, will the SP be higher than here in the next x months?

"meaningful full profitable production" is a neat segue into one play where a con note makes a lot of sense and that is using these funds to accelerate mining at White Dam. At a $26m EV and holding 100% of 1.7m oz in Australia, there is a lot of room upwards if White Dam starts to produce meaningful ounces. The plant has a track record now of running extremely lean, I mean WD are cash flow positive on 2 koz/a! The question then is what is the cost to dig up the dirt from Vertigo. They have had a mining study underway for over 12 months now so they surely know this number.

Let's see what management's strategy is here, but White Dam is actually an excellent fall back in a weak equity market. Even if Vertigo only holds 40-50 koz once they release updated JORC, that's plenty cash flow for an ultra low cost operation like WD.