Hartley’s have indicated it won’t need a capital raise.—//—Our...

Hartley’s have indicated it won’t need a capital raise.

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Our (Hartley’s) latest OBM NAV is 16cps (up from 11cps), spot NAV 24cps and Price Target 15cps (up from 12cps). We assume the development of the Riverina underground can be funded via cash and additional project level debt from its supportive major shareholder (Hawke's Point), though new equity may be considered.

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If they were to raise capital in the future, it will be strategically and not to general public.

Luke is not stupid … he knows this ship has turned.