Ann: Drilling Commences at Mt Berghaus, page-20

Don’t fear a capital raise.

Let’s say we hit high grade ore or visible gold.

We can mine it by a farm out / lease deal or a $200 mn investment.

Given enough of a resource, there is still potential upside.

Either on the open market or with DEG becoming a part owner of MTL, it is a necessary step and IMO, preferable to debt. Maybe we’d issue ~20% of the capital or so as debt, perhaps as debentures with no coupon???

You can math it out as a simple NPV model with standard assumptions re: SOI, gold prices, variable costs, the IRR hurdle rate etc.

As long as we find gold we are happy wanderers.