Ann: Financial Report for the Half Year Ended 31 December 2017, page-7

G'day Dogo.

The ongoing funding is certainly a concern.

I feel the have a few choices.

1. They can take on a JV Partner. This would mean giving away a large percentage of the company.
2. They can attempt another CR through the existing holders. Hopefully this time it would be well thought out to protect the LTH's and all shareholders.
3. They can sell the whole project to some interested party.

Regarding 1 & 2 I would suggest South 32 (S32) as they are doing JV's with companies like Ausquest (AQD) in South America already.

Personally, I think 2 is their best chance.
They would need to sell the project really well to shareholders instead of just doing a 33% discount, maybe 10% maximum. I think many "true believers" have left the fold and most new holders don't really know enough about the company to become the new true believers.

There is no longer any room to move with the price for discounting to attract holders to participate in the CR. If they were to give 33% again, then we all can work out where the sp would end up and, I reckon the take up would be close enough to zilch.

They could entice holders with attached options if they truly believe they are on the cusp of a major announcement.

" The funding is an ongoing concern, I don't understand whey they are still applying for the new concessions if the existing ones are so "prospective"."

Personally I think, and I am sure a few others, that they became so enticed by the treasure hunt that they forgot about the original target, which was, an initial resource of some kind on which investors could hang their hats, and then, build upon that with the resource giving some support to the sp.
Investors would then know that they had something definite and, the only question then would be just how big.

As Hardy would say to Laurel , " It's a fine mess you have gotten us into this time Stan".

Lockitt