Ann: Investor Presentation - Emerging Mallina Gold Province, page-11

Does that actually make sense in your head? Overall DGO would be lucky to be in front on their average cost. Their options are 75% from being in the money and you reckon they want to do a raise at 3.6c which will make their options that everyone is so concerned about nearly 200% out of the money?

ROI on any money we spend should in theory be 150%. Our cost of discovery is $20/oz and once we hit critical mass this should be valued at $50/oz minimum as an explorer and only move higher from their.

There is no arguing that management f'ed the corporates of the raise IMO but they aren't failing at doing their job with the drill bit. It's pretty clear to me that DGO's goal is to prove this unquestionably has the scale of a stand alone operation so that they can sell this at a 5Moz resource.

If you're going to sell you want to maximise your valuation. That isn't achieved by raising at 3.6c per share whether they get a chunk or not.

If they own 20% of a company that gets sold for $100m they end up with $20m proceeds.

If they own 15% of a company that gets sold for $200m they end up with $30m proceeds. I know which they would prefer.