Your $68.5M capex number includes Fed capex. It's not clear to me why people are talking about a $60M equity raise, I think they need much less.
FY23 guidance of revenue minus AISC is $65M, giving after tax cashflow of >$40M (assuming 30% tax, seems high given the recent Dargues issues).
FY23 growth capex is $25M (ex Fed). Guidance implies this can be funded out of operations while also growing net cash $15m+, to give net cash of >$45M at end of FY23.
Need $110M to fund Fed. Cash of $45M + $50M new debt (very achievable on the back of the FS), implies additional equity of <$30m (with large additional funds).
Assuming guidance is obtainable, a fairly minimal underwritten rights issue covers it and we move on.
Ann: Federation Feasibility Study and Company Update, page-25
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