ANW have pre-approval to raise 10% of MC without approval. If...

ANW have pre-approval to raise 10% of MC without approval. If there is potential to be processing T1 at Granville I would see St Dizier as LOM extension and more of a TO target than JV. Taronga DFS should be our main focus with Granville being the enabler, so processing of St Dizier could a couple of years away. If T1 was not being processed at Granville then maybe JV would be a viable option but still messy. I'd prefer to TO. 
Raising could be done via loan more easily with cashflows imminent, so hopefully no dilution too.