Ann: SPP Offer Further Increased to $14 Million, page-15

Obviously, the ramp up phase with all the plant adjustments and low production is going to be expensive. I saw another calculation showing a figure above Au$2000/t costs over the period. Yet I keep seeing, over and over, these silly arguments using ramp up period numbers to make claims about steady state nameplate production. With the production status update this week and with the next interest payment 6 months away from this one, I don't see what you're seeing in July.

I tend to agree with you. Firstly, its good to have a capital buffer and secondarily, it does reward holders who clearly want more. The dilution is minimal.