My 2 cents on the recent CR.- When the company released the 1Q...

My 2 cents on the recent CR.

- When the company released the 1Q figures, it was evident to me, that there is a certain risk of an imminent capital raise. There is some cash flow mismatch (costs vs revenues), grade, rump up phase etc. So while I am not very happy about about that raise (especially the price and size) its an information I take as an fact and will determine my future actions.
- Also in this case its evident, that its always of critical importance whether the management owns a material amount of shares or not. Unfortunately, people in the board are not invested too much and even their participation in Tranche 2 is rather a joke than a real commitment. So whether we like it or not, there is not a full alignment of them with shareholders.
- In the fresh interview, Grant Haywood mentioned an ambition to accelerate the BS refurbishment, but was not specific, so hard to know whether its just some standard BullS or they are actively working on acceleration of the process.

Now also some positives.
- They got cash, which should be enough to bridge the next 18 months and see the company pouring gold from the black swan mill.
- The balance sheet is strong, the convertibles will be gone by year end and gold price will most likely be even higher in the future.
- They should have enough expertise in house to move the process forward, so I assume in the worst case scenario the BS is running by the end of 2026, in the best case scenario sometimes in 2Q 2026.

All in all, the upside for the shareholders got smaller and might be smaller in general since the management is not fully aligned, but still the upside and risk/reward is very strong. However, the actions of the management and the deliveries need to be carefully watched, since the recent actions of the team are not great so far.