Right... Well your figure sounds plucked out of the air to me -...

Right...

Well your figure sounds plucked out of the air to me - and is especially ambitious when compared to all the other gold miners on the ASX300 - most of which have substantially more reserves and resource and are operationally cashflow positive with mills...

So $400m is probably a pipedream without some spectacular drill results (which they haven't been doing much of).

That said, EXG might come good, but as of today I have completely exited my position (market seems to have liked the new of the cap raise and director purchases) so I sold into the rally.

From my perspective the $2.2m cap raise dilutes existing equity holders by 15% to only buy its a couple more months.

So it still seems high risk, but with equity holders already having been quite diluted in the last 12 months, the potential reward has been eroded.