Ann: Capricorn Copper Update, page-31

Ii just dont get boards....highest interest rates on record and they sat and waited for it....! how long has this rain event been known for??? they sit back and wait for a strategy doc (meanwhile the SP is obliterated) - how long have we had debt interest creep??? why not eliminate the risk of both when the SP was b/w $1.50-$2.50??


One simple, way less dilutive (at >$2) CR wouldve wiped all these problems away, not to mention fully recharged all our debt facilities in preparation for an event such as this and many other unknown events (+capex), not to mention created a war chest should we have needed it....

• 100m shares at $2 would've done the job around Jan/Feb = $200M AUD and only required a 1:4 ratio, easily handled and underwritten. Would have ZERO debt
• 100m shares now wont even raise $75m (after costs)
• to raise ~$200m would almost require a 1:1......

AND if they don't raise.....hmmm....8-10% interest, loans max'd out, copper price in the doldrums.......hmmmm....

woulda, coulda, shoulda.....idiocy 101, always reactive, not proactive...