I agree @PalmtreeCapital. Bloody tough market to be raising cash...

I agree @PalmtreeCapital.

Bloody tough market to be raising cash but having ERG is a huge tick of approval and credibility (would have loved a higher price of course). These guys are serious operators and put their money where their mouth is (from 8th Feb 2023): "Eurasian Resources Group Sarl, the mining firm backed by Kazakhstan, plans to spend $1.8 billion doubling its African copper and cobalt output as it taps demand for metals needed for the green-energy transition."

They like Trenggalek because they can see the similarities to Tuju Bukit which is an absolutely massive copper gold resource. As far as I'm concerned, the best part of the announcement today was the "30 day right of refusal to match or better any offer should FEG intend to divest its interest in the Tranggalek Project to a third party". They are keen and so likely are/will others when the time is right.

From the offer documents:
Cornerstone Investor ERG:

• Eurasian Resources Group S.a.r.l. (ERG) is a diversified natural resources group which owns integrated mining, processing, energy and logistics operations for a range of commodities across Eurasia, Africa and Brazil.
• In 2021, ERG reported revenues of US$ 8.53 billion and an underlying EBITDA of US$ 4.21 billion, around twice the size of Newcrest Mining.
• As part of the ERG investment, FEG has agreed to spend $4 million on its Trenggalek Project and provide ERG with a 30 day right of first refusal to match or better any offer should FEG intend to divest its interests in the Trenggalek Project to a third party.
• Chairman Paul Walker commented: “Investment by a player of ERG’s calibre marks is a game changer for us. Not only does ERG bring substantial financial capital and operational experience, but this investment also provides a firm seal of approval from a major industry player about the quality of FEG’s management team and the remarkable potential that we have in our portfolio of projects.”

This a key piece of the puzzle and looking forward to the ride as we have Woyla, Wonogiri and the Australian projects too and the interest in copper keeps increasing with demand and supply won't keep up in the years ahead.