Ann: IGO: Update - Western Areas Scheme of Arrangement, page-18

Why do you believe WSA needs to raise equity?

June 2022 looks like the peak cash draw for the group (depending on whether they can monetise early development ore from Cosmos). Even if you assume nickel prices collapse back to ~US$20,000/t for the June quarter I still see WSA having more than +$90m in cash on its balance sheet plus a $75m undrawn committed revolver plus every bank in Australia lining up to lend them money. They don't need to raise equity.