Ann: Results Of Strategic Review, page-4

I thought there was a capital raise some time ago to pay for the BFS, yet we are now being told that an entitlement raise is required to pay for an "asset maturation phase" ahead of any feasibility study. What happened to the money raised for the BFS last time?

An entitlement issue will provide TIO with another opportunity to gain a larger % of the pie if entitlements are not taken up by all. I suspect there will then need to be another issue to pay (again) for a BFS to be done, a further opportunity to get a larger % of the pie. It's not hard to see where this is all going!