Thanks all for this thoughtful A1M thread.The timing of the cap...

Thanks all for this thoughtful A1M thread.

The timing of the cap raise was superb. Others can debate whether this was skill or serendipity.

52c is a significant number for investors: the recent cap raise price and also the ATO-dictated entry price for merging MEP holders.

I expect resistance at this level, though really it is all in our minds.

Eloise is profitable and throwing off FCF with Cu prices currently around $US4.50lb. We will learn more with the Quarterly, due the week of 16 July.

AC & team have $57m less costs from the raise, FCF and existing cash of $25m to play with. This looks enough for underground workings, meaning loans are needed only to expand the concentrator and facilities. Money is cheaper to fund tangible things financiers can pick up and sell in a default.

I am a little sceptical whether a 125m underground ~3km long link drive is superior to a portal.

Jericho is open to the North where it passes closest to Eloise. There may be more Swagman-type lenses there - they might be deeper or narrower - only drilling can confirm. If there is economic ore there, a link drive would be better aligned parallel to Jericho rather than aimed at Swagman.

Either way, A1M has bought time to study their options and drill Jericho some more.

Very bullish.

Ash