Will have a look back at it I think it’s a timing of receipts as I assumed 22% impurities in Odin.
yes the big question mark will be O2/O3/KBC and presumably funding for perminant fibrespar connection to vali facilities. Let’s assume drilling costs $6m per well (O1 cost 4.5m so assume a fair bit of cost escalation) and the connection would be a couple of mill - assume gross JV cost of say $12m ($9m well + 3m connection) MEL 25% share $3m plus KBC 1.5m we would need funding of $4.5-$5m vs current MC of $8m - GC1 current $2m funder have ~$9m cash at the moment wonder if they would throw some more cash MELs way ? Otherwise what a CR at 3:4 @0.8c would raise $6m with attached options with low strike price to sweeten the CR ?
MEL Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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