Ann: Muga Project Receives Mining Concession, page-43

I haven't view the research report however they are all assumptions and ones that I wouldn't read into.

you are correct about the 25% and however a company can put a special resolution to shareholders requiring the requisite 75% majorly for special issuance.

what is a more practical and likely outcome is investment at project level via JV. You often find it's easier to negotiate a slice of ownership of the project cash flows rather than dealing with the equity pigs in ECM teams at brokers and investment banks.

need to get the debt sorted first which I think might ratchet up to greater than the 185m euro