The way Catalyst grew the portfolio was mainly through "mergers"...

The way Catalyst grew the portfolio was mainly through "mergers" and giving away shares to the shareholders of Henty, Vango and Superior Gold.

It seems to me the market knows that most shareholders would sell once they see their new CYL shares are down 30%.

These would be a good way for most etf, funds, who didn't participate in the CR to have a little stake. That's how I read.

Obviously the big derisk is a fat cash balance and Trident getting into production.

I don't believe the company is going to do a new CR here.

1- Shareholders from acquired comapnies wouldn't be happy
2 - The company is now a mid tier producer with assets and with 2 processing plants. Thus, it is a lot easier for CYL to just get a loan for 12 months because they will pay that without diluting shareholders.