Ann: Positive Scoping Study for Lady Colleen Copper Project, page-2

To achieve the potential production indicated in the Scoping Study, funding sourced from current operational cashflows and from potential capital-raising activities will likely be required at the commencement of the Project. Investors should note that there is no certainty that the Company will be able to raise funding when needed, however the Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a reasonable basis to expect it will be able to fund the incremental development of the Lady Annie Project. It is also possible that such funding may only be available on terms that may be dilutive to, or otherwise affect the price of the Company’s existing shares.

Disappointing for shareholders, would've expected them to go hard with debt now that they're "cashflow positive" to keep the dilution to a minimum. There are some interesting assumptions in the Scoping study, won't blow the lights out but it could make some reasonable bottom line if they could increase the resource. They're going to do a PFS on it which is interesting, I'd take additional drilling on it than a further study given it's got half the infrastructure there already, the people preparing the study might have issues with the assumed met results and/or recovery grades being so high.