They don't need all the A$75 mill to get to production. If they did it means they will have A$87.7 mill + A$75 mill = A$162.7 million.
The CR includes a cash buffer of A$17.5 million, clearly not needed for construction and other cash for more exploration drilling + G&A. So they can reach production stage without using all of it. How do you know if MH was being frivolous?. They clearly are hungry for M&As. as seen from last years bid for CMM. They may use the cash for a similar bid, and worry about it later. They will cross all the boxes for Sprott, but still be their own man. Get to production and trigger the A$145.6 million for M&As. With the help of some creative accounting switch it all back again.
Ann: Capital Raising Presentation - January 2020, page-53
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