Ann: AUD50M Secured Offtake Prepayment Facility for Nifty Copper, page-62

Precisely. If these guys are worrying about CYM raising a mere $10m to $25m... They're in for a shock when HCH has to capital raise twenty fold that figure.

I prefer CYM's approach - go into production for 25,000ktpa in 12 months time. And over the next 5 years bring on additional mines and increase capacity to 100-120,000ktpa, funding expansion through existing cash flow. This is the same sort of time frame HCH is expecting to produce 100ktpa; comparably however, it minimises share holder dilution.

Furthermore, considering the total finance package for CYM is $240-260m; a 5% to 10% capital raise component isn't much to worry about.