I kind of agree with your price point to an extent, but they had to make it attractive to investors.
The reason they didn't dig into current cash is because they realise that these ventures might turn up little or nothing; specifically Niobium in West Arunta, and they would have burnt through a lot of cash for nought. That wouldn't be prudent until the IO price comes back up and they can finance more exploration.
It will be extra nice if this cash puts us a few steps closer to having TC Copper ready for export or sale, noting Copper's current all time high price.
Ann: Trading Halt, page-30
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