Ann: Trading Halt, page-15

I disagree. Galan didn't pump the share price, the market did. Galan released a photo of several brokers visiting HMW the same day as the AKE news broke, whilst the market euphorically bid all the Argentinian projects up 20%. Some people hyped it a bit more i.e. "bankers visiting, we're getting bought too" etc, but anyone following the company should know what this meant: cap raise. They're down to around A$37M cash and, presuming they get the expanded pilot plant permit, are facing a capex bill of between US$40-50M (never mind what they need for working capital). That is why the share price has probably gone sideways - who is going to bid this up, knowing it needed more money?

So all in all, I think it's actually a good move here. Raising into recent 20% strength is the way to do a cap raise. And for those who wanted them to release the DFS and then raise thereafter... that's working on a big assumption that the DFS will surprise to the upside. What if it doesn't? Raising into a wall of selling would be terrible.

I think they've played it the best way they can, all things considered.