Still reading the report, bugger hit page 47 - Project Funding,...

Still reading the report, bugger hit page 47 - Project Funding, this caught me out, as I expected a much smaller CR and larger portion of debt and off-takes to source funding. Anyway this explains a lot more to me regarding the of sell off this morning, than just ST holders bailing as don't want to wait around. Market has corrected for this big CR!!!!! Similar size to VML to use as a comparison for the newer holders.

Company saying only 60-70% coming from debt arrangements the 30-40% will come from equity markets meaning one thing, CR and more dilution.

Company wants around say $90 Mil USD, which is $120 Mil AUD
Lets use 70/30 spilt
We have 3.2 Bil shares @ 30% = 960 Mil shares to equity markets.
Say 1 billion shares added to register, could raise say CR @ 3 - 3.4c = $30-34 Mil AUD and our total shares on issue 4.2 Billion shares.
So debt would be say $120 Mil AUD - $34 Mil AUD = $86 Mil AUD Loan
Then throw in some off take combination, which will reduce both the debt and dilution (might be 500 Mil shares issued), so imo a very attractive position for the company and those big SI/Insto's that got onto this and sold, plus will look very favourable for BFS once the Funding Options announced.

Also what will China and Chinalco do now and this could change my figures substantially as would another bidder coming to the table, which could be a great thing for those who want SP action and not production. So many variables here imo. None of which is going to hold the SP back in a few weeks time and still sticking to a SP over 10c before July.

Well done to the smarter guys who took profits and buying in now or when the significant CR comes, if short term profits are your thing, yes some mum/dads panic this morning and sold when SP fell. Upside is buy lower when CR comes. Just wished I had read this funding part first and I would have sold some as well. Bugger!!!. Well done to the sellers here today, well played, all qudos to you!!

However I would have thought borrowing more, given loans are so cheap and our resource is going to significantly increase in coming weeks and even more into the future and repaying debt would be easy by an increased product mined/sold and in strong demand and was a more prudent approach with a much larger initial debt and a smaller combination of off take arrangements and smaller CR would have been better. But what would I know, as not a financial guru in starting up companies to production lol.

CR's always effect SP no matter how great the news is and the smarter guys here picked up on this ASAP and acted. Caught me out until I hit page 47, lol... Not what I was expecting. Kicking myself for buggering this missed opportunity, to take more profits, lol, but not complaining as focused on the much bigger picture.

Upside is low SP now until CR done and that's the big question, WHEN??? Until this is announced SP will remain mid 3's -4 imo. So imo the quicker the company sorts out the financing the better and get this project moving asap imo is what I wish for. Todays sell off and future CR price is just a small SP retrace on a project with a much bigger upside.

Anyway it's a time of accumulation and now trying to pick at what price the CR will be and then hopefully accumulate more. GLTA sky isn't falling in and it's all about getting cash to advance IXR ASAP guys, short term pain for the new guys who bought higher but the LT future wrt SP is heading only up once this cash injection is completed. Now to focus on my other stocks as this ain't moving anytime soon!!!!!!