Ann: Capital Raising Presentation, page-62

Pitching another capital raising into a diving market suggests that there will be a major shortfall in take-up. I would not be underwriting this, if I was a broker. Think it would be better to stuck to growth from earnings for now, if that is possible. The gold price and the $A are favourable more than at any time before, and a lot of debt is a bad thing to have in a crash, even if you are mining gold. its easy to go into full expansion mode when you are playing with other peoples money, but perhaps now is not the time. If gold goes ballistic, and it has run up hard, then a lot of options for rapid expansion open up.