Ann: Capital Raising, page-60

I haven't been around as long as you guys but I can see why it would be frustrating. I took a position in this with the hope that as the copper macro has now turned (there's very clear signs on this from multiple angles, both price and fundamentals as well as what's going on in the metal trading world) it will just force a deal to be done.

It would be really difficult for management to screw it up in this environment. I saw news articles a few days ago about metals traders prepaying entire offtakes for years in order to get supply secured because everyone's paranoid about the supply chain. It's not even a question of price, it's a question of supply. Will try to dig up the articles again for people. Here's one.
https://www.bloomberg.com/news/articles/2024-06-05/traders-are-desperate-for-copper-deals-and-miners-are-cashing-in

I do find this recent raise, so soon after the last one and with such horrific timing very disappointing. I hope that they can turn it around and close the deal, in which case we would all do quite well out of this. Even the people who bought at 6 would do well if that scenario plays out.

Fingers crossed for everyone, there is a lot of positive here but yes, not much to really defend with this cap raising.