Ann: Retail Entitlement Offer Results, page-9

What youve mentioned is probably one of the primary aspects that I do think about. You could argue we've just been through it with lithium.

There are going to be cycles and cycles within a cycle. It's too early for me to commit anything significant to RXM as it's at the beginning of the lassonde curve and we haven't really seen a Cu rally (when it has mattered) which will play to the same ev + esg thematic.

This thing won't move until the Cu price does as that will underpin progress for financing etc. At the moment I just see these financing 'moves' as fluff. Others will see this as progress in a difficult env, which is fine but I'm personally looking for more concrete developments. Which is also why I get frustrated with the amount of money this company raises with what often amts to little progress. I don't understand why they are not on skeleton staff and winding back all expenditures until they can firm up a deal for Hillside. The latest raise is not indicative of this, nor were prior raises.

That would be a sensible approach to me, but what would I know. Theres probably heaps going on in background, as you don't want to be starved of cash during negotiations - but the same could have been said 4 CRs ago.