The debt to new equity ratio is expected to be 70% debt and 30%...

The debt to new equity ratio is expected to be 70% debt and 30% dilution - so a total of $75m in new shares on a $220m build.

If the raise to build the mine is done at $1 per share / $100m market cap that would give us about 75m new shares on issue for a total of about 165m shares - as per my screen shot above (we have 72m shares currently and we have a raise coming in the next few months).

My perspective is if the barging solution can't be leased in it's entirety in a way which isn't cost prohibitive, and is going to cost $50m to establish anyways, then I'd prefer we take the extra $100m dilution and debt (estimating a total $150m cost) and build the long term infrastructure.

Quick payback and healthy, stable dividends within the first 2 years would be the best outcome - from my perspective.

Given a large portion of the barging equipment will be sunk costs (or sold at a loss) which will also result in higher operating costs / reduced margin, I think it would be a borderline equation.

I also expect our staffing costs to be at least 75% cheaper than in Australia and Canada (Champion Iron).

As for the operation, Paul said it would be year round, so I'm not expecting any shut down during the wet season.

I've got no idea how wet the wet season is, but let's assume it's called that for a reason.

With relation to the all weather road, I'd assume some parts would be more rain affected than others.

We aren't talking Australian national highway standards, so I've got no idea how quickly the 70km road could be built. Could we build it in 6 months during the dry season whilst we are using a temporary road for transport?