Feels dirty. Had $11.9m at 30/06. Burn rate was effectively $1m...

Feels dirty.

Had $11.9m at 30/06. Burn rate was effectively $1m a month, but that included the work on the DFS, which is according to the company basically complete?

PSA/MIC is almost there, 'we won't be cheap much longer'. Now we're raising at a 17.5% discount? Why?

I get that management are being prudent and raising money in advance of needing it. I still prefer this to have a quarter cash flow left and scrambling to raise funds. Even then, we had 11 months (from 30/06) based on a burn rate of $1m a month, which is probably much lower now most of the study work is done.

Hoping that we see both Perilya and Creasy maintain their stakes at the minimum. Wouldn't mind seeing Perilya use this as an opportunity to buy back to 19.9% following their earlier dilution.

On the plus side, sounds like the use of funds will be to aggressively drill out Meingtha Ridge to ER Valley.