Ann: Trading Halt, page-3

Ok, I will be interested to see how big this raise will be for unlocking the next phase of the company.

My hopes are the minimal amount required to get the PFS delivered, and to the point where we can make a decision to either do a DFS (hopefully not) or go straight into mining (hopefully).

We are 1/3 of way through the year, Paul has said the company is targeting to have the PFS completed by the end of the year, but I am setting my expectations for early (Feb or Mar) next year, and anything before that is a bonus.

This will likely be to pay for:
- complete the PFS - Work has already begun, not sure how much this will cost, but could be anywhere from $250k - $750k?. They are studies, so I am not sure what the costs are, or what Wardell Armstrong charge, but it shouldn't be a crazy amount.
- drill and assay Satrokala - Depends on how many meters they want to drill, I'd imagine they will want to do a combination of deeper holes to get a feel for the scale of the resource, and they will likely want to do much closer shallow holes to get a feel for the DSO potential. My estimate is $1.5m to $3m for this.
- working capital - the team is growing, we have new partners that appear to be doing a good job. I guess we are running at around $600k per year?

I estimate we will try to raise as much as possible (get the money whilst you can), but I think closer to $3m should cover us.

I also have this post from a while ago where I discuss the upcoming raises, the likely amounts and the effects on dilution - https://hotcopper.com.au/threads/ann-former-bhp-iron-ore-president-graeme-hunt-appointed-chairman.7821313/page-29?post_id=72295161

Important things for me:
- How heavily will the new people who joined the company participate in the raise?
- Do they have someone(s) that is going to underpin or underwrite the raise?
- Will existing holders be able to participate in the raise?
- Will there be a rights issues / options?
- I don't think the company will drill out Tratramarina off the back of this raise given how the low price is and the impact of dilution
- I also think it's probably too early to have anyone from the data room looking to make an investment at this stage - but I'm happy to be surprised.

I don't have a lot of money right now, but I will do what I can participate if given the opportunity.

Let's see.