Let think about the other scenario that could've happened: No...

Let think about the other scenario that could've happened:

No capital raise occurs, but ANL needs cash (down to $1.7 million forecast at the end of June). JORC resource comes out and meets expectations (around 2 - 2.5 MOz). No-one gives a rats ass because ANL needs cash. Share price goes nowhere (hovers between 3.5c and 4c). ANLO options expire. ANL needs at least $10 million to progress JORC resource to Indicated category, and pay for scoping study fees. ANL raises $10 million at a discount (say 3.3c), and issues 300,000,000 shares.

Effective Dilution (disregarding ANLO options) of raising: 24%
Market Cap at 4c = 64$
EV at 4c = 54$ million

And the current scenario:

ANL issues 500,000,000 shares at a premium (5c) and 250,000,000 attached options (7c). JORC resource comes out and meets expectations (around 2 - 2.5 MOz). Share price goes nowhere as expectations are met. ANLO options expire. ANL are fully funded to finish scoping study and infill drilling to reach Indicated resource status (in addition to aggressive exploration on other prospects).

Effective Dilution (disregarding ANLO options) of raising: 57%
Market Cap at 4c = 82$
EV at 4c (Market Cap - Cash) = 57$ million

As we can see, the (simplified) Enterprise Values are close for both scenarios. The EV per ounce of the ANL share of Kebigada is around $45 per ounce (55.25% of 2.25MOz of Au).

I've been trying to find a comparable orebody in Africa (i.e. bulk tonnage, +3MOz, low-grade, all open-pit) and find that Essakane in Burkina Faso resembles Kebigada. Essakane produces around 400,000 Oz per annum at a grade of around 1 - 1.2 g/t Au, and since 2010 it has produced 2MOz at an all-in cost of $1,050. Over that period, the average gold price has been $1370, providing a margin of around $650 million for IAMGOLD over that period.

Its clear that bulk-tonnage deposits like Kebigada can be highly profitable, and will be targets for big africa-focused miners.