I too am a bit nicked-off that this is being done by issue with...

I too am a bit nicked-off that this is being done by issue with big dilution and am concerned about how much of the "cream" will flow to Freepoint though several means (the previous "royalty", the share issue and the off take agreement and hedging).
But I am trying to look through that to mining, and am pleased that the Report shows that many matters are well advanced (eg services, procurement, mine planning) and that HGO will be an owner-operator using contractors for specialised work. The mine plan seems to make sense (to someone who is NOT a mining engineer, I might add) and provides lots of opportunities to increase output and mine life.
So I am dealing with my hatred of dilution by buying some more yesterday (5.6c for me not the 5.3c for the placement to institutions and sophisticated investors, but I expect that in a year or so that difference won't amount to much) and then scratching around for some more $ to participate in the SPP (though I am expecting much scale-back there, so need to find more $ than what will finally be taken for allocated shares). Not ideal, but we are moving forward.