Yes, a bit disappointing that there was no rights issue to...

Yes, a bit disappointing that there was no rights issue to protect existing shareholders. I heard there was new institutional money that wanted to come in so it couldn't all be a SPP, but would have been nice to have a blend.

On the positive side, apparently the book was filled a few hours after it closed. That shows a lot of (institutional) confidence in the Mako story. While it is a big amount (and dilutive to existing shareholders) this raise means that they are very well funded to execute whatever exploration programs they want. For shareholders it comes down to Mako's ability to put this money to good use and translate it into enterprise value in the stock (hopefully at multiples of the cash raised).

The project certainly has the targets to soak up the funding so it will good to see how things evolve.