IMO a $1b AU market cap is very feasible with a 3 mine strategy earning $100M pa at a P/E of 10.
If they find the magic kimberlite pipe then $1b would be at the lower estimates. This is and always has been a high risk high reward strategy. Pouring in yet another 8% or so of our market cap into the kimberlite JV highlights the level of risk.
Judging by the commentary it looks to me this CR was more about bringing on a strategic partner rather than raising funds. I wonder if Tribeca will ask for a seat at the board?
Golf clap for Lollies picking the snouts back in the trough.
Ann: $12.5 Million Institutional Placement, page-60
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