Ann: Capital Reconstruction Appendix 3A.3, page-31

@pacman73

thats why i mentioned confidence in outcomes.

though there's a critical difference between developer projects like PMY and explorers like WRM - because developer sps are supported by resource valuation so they generally hold up much better than explorers post a consol - even if future plans dont materialise as hoped

WRM's consol appeared entirely around tightening the share base on hope its NA drilling would result in a eureka discovery and sp rocket. A super risky approach if correct. So i suspect there was more to it than that.

PMY's is presumably built around confidence it is about to be a going concern miner

it would make particular sense if PMY has robust confidence in doing full or primarily debt funded mine finance fairly soon after a consol was approved

the math of that could be fairly eye watering in respect of future sp upside

ie minimal share dilution, pathway to mine cashflow

most critically - it should drive higher stock valuations - by removing much of the risk discount current analysts apply for the full lead/silver attributable earnings - rather than the stock just floating on a 'silver resource only' market multiple as its doing now

- as well as potentially generating new sources of interest and support from investors that want to buy emerging cashflow production

if you thought that scenario likely, it would argue in favour of aggressive consolidation pre the catalyst mine funding event