In terms of number of shares, dilution is a factor, but when you include "zero debt" the equation is very healthy. Factor in the fully owned assets - 3.6mtpa mill and all the infrastructure and the ongoing exploration prospects (lets say cost price $500m + or 25cps) and I believe we are looking at a bargain. Consider also the carry forward losses and franking credits and the scenario looks rosy to me.
Ann: Capital Raising Presentation, page-8
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