I actually think going with the proposed placement would have...

I actually think going with the proposed placement would have involved a calculated risk for the Company, but in the end it should prove to have been worth taking. The risk was exactly what we are seeing - recent upward momentum has ground to a halt with the overhang of new shares issued at 10c. A proportion of the 28m will undoubtedly be distributed.

The other side of the risk equation is the timing of Peru drilling approval and the issue of more options. If the Board has confidence in receiving the approval within a few days/week or two, then the share price will be supported, and in due course the increased number of near term 9c options will be converted for more cash than was expected a few weeks ago.

Major delays, and it’s probably bye bye to the options cash - no conversion if below 9c

I’m backing them to have made the right decision