AKO General Discussion, page-373

I'm sure the board would love to go mining as quickly as possible. It all comes down to funding, we haven't even released a full Scoping Study to market let alone a feasibility study. Hopefully the PFS will be strong enough that financiers don't require the project to be further de-risked.

Also how much money do we need? 200m 300m?
We currently don't have a high degree of confidence on our requirements. If the board can't 100% guarantee project completion with the funds available we will need to further de-risk.

I'm personally hoping that we will be able to generate interest at the completion of the PFS to get an offtake which will help secure a debt facility. I believe this would be the best outcome for shareholders.

Alternatively if we can't get an offtake it puts us in a position we need to further de-risk the project. Raising funds on market will dilute shareholders, also its very dependant on share price. Not saying it's impossible to raise 100m on market at a reasonable price. Just think its risky with only a PFS. If there is not enough interest at the completion on the PFS then our only real option is a BFS.

As I've previously said the recent raise was one of the best I've seen for existing holders. That gives me 100% confidence that Paul is working for the best interest for shareholders. I'm confident with this level of care he will achieve the best possible deal for us when the time comes.