So when this first went into Halt at 16c (end of Jan) there were...

So when this first went into Halt at 16c (end of Jan) there were 167,816,778 shares on issue. After a number of new issues all while in suspension, including these two today, there are now 180,979,881 shares on issue. This represents a 7.8% dilution already since it last traded.

Then, to recommence trade, they also intend to complete the issue of a further 8,076,924 shares (which is net of today’s new shares issued to Chairman & Exec Dir that formed part of the original Placement announcement of 9,346,154 shares at 13c).

So that will bring total dilution to 12.6% (or 21,240,027 new shares added since immediately prior to the halt & suspension began). Plus then, spread over coming years to fit within its 15% annual capacity, whatever number of dilutive new shares at whatever prevailing price is necessary to facilitate $10m under the ATM (just as an illustration, that would be an additional 62,500,000 new shares at today’s suspended 16c price or 76,923,077 new shares at the 13c price they’ve been theoretically using for the Placement).

It will be interesting to see how the market prices in this actual dilution + flagged future dilution on resumption of trade. I’ve been watching this for a while now to see how the Thai prospect shapes up, but since they started casting the net further afield into Chile I’ve been less enthusiastic as I believe they need to walk before they run off into other places, and the pivot suggests to me that the Thai prospect isn’t anywhere near what it was initially cracked up to be.

In any event, this extended suspension has been an enormous red flag. A seemingly never ending cap raise negotiation to mask what is imo an administrative clutch-at-straws stalling tactic.