Ann: A$35M Placement to Support Nifty Project Restart, page-13

Some important details to digest.

*Settlement of the Tranche 1 Placement is conditional upon receipt of binding commitments in relation to the Senior Secured Bond Issue (refer to CYM ASX announcement dated 16 January 2023, “Senior Secured Bond Issue Investor Calls Commencing for Nifty Copper Project Restart”) with settlement of Tranche 1 to occur by 28 February 2023.

Tranche 1 is for the $20m requirements to secure the bonds. With this locked away, construction can get underway.

Tranche 2 is for the other $15m cash PLUS issuing all of the options. This is subject to SH approval at a General Meeting no later than 45 days from today.

yep, there's significant dilution but given the state of play and the current cash position, the brokers and instos had the upper hand. This raise will get us into production. The options, assuming they all get excised will provide $50m and pay off the MetalX notes.

this could be the last CR before we're plating Cu and making cash.

I don't see us staying down at these levels for long.