the low sounding figure there is just because they're factoring...

the low sounding figure there is just because they're factoring in massive dilution on account of equity financing, which is possible, but probably unlikely. if you run the same figures using a bank financing model, you get improvement by an order of magnitude.

we really need to look forward to the feasibility study to get some answers on this one.

if that study comes out and they announce they have a better way of financing the plant than share issue, the price will pop like we really want it to. proper re-value. something to look forward to and make sure you're positioned for.

my guess is a modest rights issue early next year to raise a deposit, then the rest of it, the majority will come from the bank. I hope this is the way they go anyway. that's what I've been pricing in.