Don't get me wrong I'm pissed about how this whole thing has...

Don't get me wrong I'm pissed about how this whole thing has played out with these announcements and this CR. I was hoping we could avoid such a thing this close to production but that's what I get for being hopeful. The downgrade in grade was not a surprise to me as it had been mentioned in multiple presentations over the last several months, thought everyone was already over that, but obviously not.

BUT even with the further 120 million share dilution, if we use the updated EBITA (which I'm sure we are all going to take with a grain of salt now days), the first year interest and principle repayment of the $100m loan @ 8%, $16m interest and roughly $17m principle repayments over the life of the loan, and I calculated about $20m in royalties pa. that gives us a EBDA of 100-16-17-20= $47m at 60% profit share = $28.2m across 590m shares gives a dividend of 4.8c per share. which at 13c is a 37% yield. This yield will improve as interest payable decreases. Now obviously people like myself who got in at a far higher price wont see such comfortable returns but still.

Has this share been plagued by terrible and overpriced management that have done no favours to anyone but themselves - yes. But is this stock objectively undervalued even with upcoming dilution and downgrade of earnings - IMO yes.
If I had the money I would have taken this thing over and privatised it but alas I don't, probably cause I like to invest in dogs such as this.