I'd say they took the best deal on the table- BOD and CEO...

I'd say they took the best deal on the table- BOD and CEO have decent sized holdings (bigger than me!) so they too will be diluted.

Their alternative would have been to hold out (with rates going up) with no certainty on the CU price and dollars in the bank running out. Most likely that multiple lenders debt funding terms were worse for us than the capital raise.

We are pretty much up and running now in a 'high' interest rate environment, that is worth a premium in my view.

I'm looking forward to stages 2-5 of the mine plan with the mill churning through 2-3Mpta, the SP trading on a P/E of 7 to 10 and CU at $6.50-$8.50 AUD a pound.

Big divvies all round

.