Ann: Antilles Gold Limited- Investor Presentation, page-4

Seems too early for a CR. The best time could be shortly after the preliminary feasibility study is released (September 2021), after JORC resources are defined. This would allow more institutional investors to participate as some have rules that won't allow investment until JORC compliant resources are defined.

It would also dilute existing shareholders a lot less, as the share price should rise a fair bit by then. The Chairman's large shareholding, in particular, would be diluted so I think the timing of any CR would be carefully controlled.

I see loans as the best option as interest rates should remain lowish for some time. AAU looks like it is financially sound enough to get a loan at a reasonable rate, so that should be better than diluting shareholders. A combination of a CR and loans might also be a good option.