Our big capex puts a huge unknown on the finance side of things. The share dilution would be massive, and probably prohibitive, if a large part of the money needed is sourced via a capital raising with share issue. Indications are we won't be going down that route.
We have a robust project that would be able to repay borrowings within the first few years of production, however until it all happens, and the money is in the bank so to speak, the general market is not prepared to back TNG.
Ann: Hardman & Co Research Report-TNG.AX, page-13
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