From the CYMAGM Presentation May 22 ---- comments from those who...

From the CYMAGM Presentation May 22 ---- comments from those who attended (hopefully notout of context, if it is I apologize and I'll ask for it to be taken down, but there's a general theme here). This may confirm where they were at five months ago. The macro has turned against them ... it's that simple!

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Yeah, fromwhat Baz has said about "rewarding current shareholders" think thatdilution (at least a large dilution) was a very distant option.

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He said itwill be a matter of weeks for it all to be finalized.... they have receivedterm sheets already that are so good they were looking where to sign!

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He alsotalked about how quickly they intend to develop the other deposits [Maroochy,etc...]

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I was alsothere. My biggest take was his comments about deadlines, he said if you put adeadline too far ahead you end up getting it, but push for tight deadlines andbetter to be a couple of weeks late than be right on a deadline in 6 monthstime.

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Baz hasconfirmed that they are targeting A$240-260m in "debt funding".

He also confirmed at the AGM that "there willbe an equity component".

Whatever it takes to get it done.

Am assuming it will be either a SPP or rights& I imagine it will be small - with the lion's share (A$240-260m) debtfunded. Beautiful!

The gist is that they will probably raise as muchcapital now as they can.

Smart.

Capital markets are fickle & can dry up at amoment's notice if macro changes. He touched on this.

Additional capital not only provides a niceworking cap buffer, but also enables them to work on their other projectsconcurrently. Another point he touched on. Essentially, they wanna build tomid-tier status (100,000tpa) as quickly as possible.

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Baz cantbelieve how cheap this is and also said they have another 4 or 5 projects theyare looking to buy and want to keep the supply side and LOM very full to keepstaff.

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Apart fromthe things mentioned, Barry seemed to (again) highlight the other projects tocome after Nifty. He and his team apparently like building projects. Hementioned the Nanadie Well / Stark projects (80%interest) as promising for thefuture

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Margins areshifting with the price, so at $3/lb or $4.5/lb, they are roughly $1.50 usd/lbin profit.

Still have around 20 projects on the shortlist.Projects around a 15yr life will increase tonnage output if project life toolong - ie 50kt at nifty for 20yrs vs 25kt for 40yrs (my example).

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