The point is captain that for every dollar the company makes...

The point is captain that for every dollar the company makes moving forward you will receive half what you would have received. The power of dilution. The mafs isn't difficult.

The raise mentions a number of needs we could have easily met out of cashflow given we now appear to be operating at a reasonable level.

Why on earth are we paying out debt not due for a number of years (Trafigura loan)?

Why are raising for a drill program that should be met via cashflow?

We have only just started operating under the improvements to the TFP and yet last qtr we were only just cashflow negative by a few hundred k. Why are we raising WC when we are most likely cashflow positive now given the recent improvements?

Why are we, a fully operating copper mine, raising at a 30% discount? The prospectus says it was to provide an attractive entry point. Unfortunately these guys don't seem to understand that the shareprice always heads straight to the offer price (up, down or sideways) meaning there is now no discount, just greater dilution because the amount being raised requires 30% more shares to be issued at this price. Doing such a huge raise without being able to see the impact recent TFP improvements have had on cashflow is hugely problematic. Given table below it looks like we have had a 50% increase in copper produced whilst halving the shipping cycle from 4 weeks to 2 weeks. This will have the effect of tripling revenue (all else remaining equal).