Ann: Half Yearly Report and Accounts 30 June 2017, page-4

"The Directors believe that, as at the date of signing the financial statements, there are reasonable grounds to believe that the Group will be able to achieve a recapitalisation through an underwritten equity raising and debt restructuring so that it will have sufficient funds to repay the Additional Debt Facility and interest at maturity, meet its obligations under the senior secured debt facility as and when they fall due and meet the long term funding needs of the Kipoi project (including, among other things, the recommencement of mining and the expansion of production capacity to at least 32,500 metric tonnes of copper cathode per annum). On that basis, the Directors believe the use of the going concern basis remains appropriate."

So with leach and production fixed to 32.5 plus (so they say ), there'll be a 50% dilution on top of the already diluted equity since TH. Where does this SHers mathematically??? (M.C. and EPS if producing at nameplate.) (Anybody able to churn the numbers on that for us?)

"On 4 August 2017, the Company issued 26,226,013 ordinary shares to lenders, pursuant to the capitalisation of interest payments under the revised facility terms. The shares were issued for nil consideration, valued at A$0.02 per share, based the market price on the date of the revised terms agreement."

How did they come up with 2c? During TH.

$3million interim inusrance payment, the implication being that the whole claim will be substantial. This could be a lifesaver for TGS, if it comes through soon.

Financiers will clean up fast and without risk if business/mine sale or production occurs. Makes a cheap sale seem almost likely.