These are my earlier income projections for Montepuez: [ATTACH]...

These are my earlier income projections for Montepuez:



I tallied all the dilution in the post above:

https://hotcopper.com.au/posts/33176308/single

They have 4 fully-secured Binding Offtakes which cover the first stages of production. Additional offtakes mentioned in latest investment preso relates to offtakes supporting further production stages.

This slide from the April preso breaks down which stages the existing binding offtakes apply to:




NB - as a long-term holder my sentiment is more a glass-half full perspective after going to the AGM (I've been annoyed by the dilution that's occurred but BAT is very much a victim of circumstance). We can all be armchair critics but how many people here have successfully built and funded a mine ( I suspect very few ). Of course each and every person needs to make their own investment decisions.

Will post my notes from the AGM when I get a chance.