Ann: Fully Underwritten A$50.3 million Conditional Placement, page-10

I think caution is warranted here. Looking through the presentation there are few things worth flagging.

They are claiming to be 'debt free' after the process, but that is just not true. They have restructured the debt owed to Perilya for the purchase of Vero, there is still an outstanding amount to be paid of $7.5m end of 2026. Just because they've rolled it out by 18 months doesn't mean it's not a liability... in their own words:

"Deferred consideration payable to Perilya Freehold Mining Pty Ltd and Mount Oxide Pty Ltd for the acquisition of Mt Oxide has
reduced from A$15.0m to A$7.5m payable December 2026 (previously June 2025), with the reduction supported through a
mortgage over the Company’s tenements"

Not sure how you can't interpret that as a $7.5m secured debt to Perilya.

Then, net cash after this process will be: 12.0 (exploration) + 3.4 (C&M) + 5.1 (Working Capital*) + SPP

12.0m for exploration is the good news. 3.4 for C & M is dead money. 5.1 for working capital is very dubious because they are including 'costs of the recapitalisation' under that umbrella - surely that will be a significant cost line, meaning the cash available for working capital will be signifiantly impacted. SPP is unlikely to generate much - anything more that 20% take up (1m) given the structure of the offer would be extraordinary, very unlikely to cover the 'costs of the recapitalisation' imo.

So I think pragmatically the free cash available for working capital and exploration is going to be circa $15-16m AND there is a secured debt of 7.5m due end of 2026. Looking into my crystal ball the scenario I see from here is: drill enough to get results to put together a hopium press release and off the back of that, CR.