Ann: Resource Upgrade and Sekoko Agreement , page-40

That's assuming values for a lot of variables - its pure guess work at this stage eg: the 625m new shares to raise $25m for the BFS at 4c. That could easily blow out to 833m if they can only raise at 3c. Otherwise, they may follow the last $2m raising at 4c, but then issue a truck load more of cheap options. These things are difficult to account for until we have a clear indication of how management plan to achieve their funding. That's part of the reason I am not holding stock, as the current capital structure is just horrendous and seems to get worse by the day. If they get toward the 3 billion shares on issue mark, they will need to do something like a 25:1 restructure in order to have a chance of getting insto funding for their cap ex.