Ann: Half Year Accounts, page-31

They don’t have it ie the spare capital.

Full derisk by sizeable raise now before it’s too late. I don’t think $20m is enough at this point to cater for payables and expansion underground. Forget stage 3, if they even do it, will require $50m + for development and, more importantly, modifications to processing to creat a concentrate. Stage 3 is a pipe dream and the returns will not justify the capital.

$40m at 10 - 12c

Then they may have a chance to trade out of it.

Financiers will want nothing to do with this so equity it is and they will need to make it very attractive given circumstances.