mc today 90m thats 2.4 x 38m EBIT thats overpriced for mine,...

mc today 90m

thats 2.4 x 38m EBIT

thats overpriced for mine, given finance is yet to be completed/ BAPE review.

Finance risk, /and dilution.
65m capex. Assume even say 30% equity/ 70% debt. ??

if they were to raise 20m at discount for instos, thats maybe 500m shares at 4c, or 400m at 5c.

With todays 1.7b FP plus say another 500m, takes that to 2.2b ?? (not including ops)

So post finance ?? the MC at 5.2c would be 115m mc
or 3 X EBIT.

For mine, that leaves some growth, but has commissioning risks.

The problem about paying 5.2c today, though, is that if BAPE falls over, then its a complete wipe out.

So the market is paying for Authier today, as if BAPE wasnt even a risk.
Thats how i see the market movement.

Perhaps thats just the times we live in, that the risks are ignored, until its a cold wet fish slapped in their face.