Your $68.5M capex number includes Fed capex. It's not clear to...

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.