A wager on the Cap Raise Price, page-36

Well AC has certainly been aggressive, for me he's taken an opportunity with the higher copper and SP to de risk the next decent period. And cheaply, or much more cheaply than if he had to a few months ago. AND saved, as mentioned above, about $15 - 20m in interest payments had he gone the debt route.

Will be interesting to see any substantial notices in the next few days. The issue is for roughly 20% of the capital. There were a number of institutions sitting between 1 - 3% on the register. Lanyon who bought in around 41c early last year, and others, may top up?

In reality the SP was probably being held down due the anticipated CR for most of last year and early this year. Even these last few months whilst the SP has moved up you could argue it was still being slightly held back by the uncertainty about a capital raise of some kind. This cannot be underestimated, or estimated for that matter.

This has now been removed, there is a clear path forward. Institutions were already buying on market, with the CR has their appetite been sated?

Copper price has retreated a little as was expected. All things considered i'm thinking we will open 55 - 60c primarily on the greater certainty this CR gives us. Its now behind us, AC can focus on the copper operations.

One thing to add; M&A. The timeline on the new / upgraded plant looks pretty flexible, still discussing lots of options including toll treatment for a while. I just wonder if this 'ambiguousness', particularly re the actual size of the plant, is possibly due to a few quite decent M&A 'stranded' assets in close vicinity coming on the market nearby. I'm not going to name names but you look at the map and there are several decent deposits within 15 - 25kms with 150 - 250,000t Cu deposits (resources) with no plant and with market caps (or privately held) of less than $50m.

Good luck all. And lastly, the discussion on this site has been excellent. Way more informative, and less childish, than many others. Lets keep sharing thoughts.