Ann: Successful $5.65m Placement, page-30

The unfortunate reality in todays ASX is the ways in which capital is raised. Even a company with a great silver deposit, in the best location with successful and proven management, with no peers at the start of a silver breakout like mma are still unable to get funding and have to instead rely on veritas again.

we should be 50c now. And Red Metal should be three times what they are.

the playbook for Veritas now is to not sell a cent for over a year because we will zoom past the 30c options before August this year, until we get close to the 60c options next year and then their plan will be to start selling what will probably be a $3 million stake as they will expect the company to run out of cash then. They will just try their best to hold it around 50c so they can get another capital raising. But theyll realise soon enough it wont happen because we will get funding by then.

the bigger fish interested in funding maronan are hard nosed, not charitable and the game they play is to string you on until you run out of cash. Rob and Richard would be talking to a number of them and eventually one will relent and want to get involved with the $400m needed for this mine. Confirmation of a new commodities bull run will probably be the trigger for someone to come in as they will risk missing out. I don't think we are far away from that, and in any case we have got capital now to keep moving forward, so there is no panic from our end.