Ann: Mirabaud Mining Research Note, page-8

I completely agree ddzx in reality CAPEX wont be required until next year and hence at a much higher share price and hence less shares need to be issued and hence valuation of the share price is much higher. As an example a raise at 50c would approx result in a share price valuation of 30% more vs a 20c raise.

I just did what broker reports tend to do and go with the worse case scenario of raising the money at today's share price despite that not being the case in reaility

time will tell......