Correct. Not happy about this, it's the second time they've...

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Giovanni33

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01/10/24

13:45

Post #: 75925907
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Originally posted by camban: ↑

The justification from the company will sound great on paper, no matter what. It will be a “sign of confidence from a key investor” or “giving holders the ability to access upside via a SPP component” or “at only a modest discount/slight premium” or “the big end of town is accumulating” or “directors taking up their full entitlement” or “raise whenever you can, it’s better than having our backs to the wall later” etc etc. The list of possible Investability quips is endless. Then there’s the “well they’re an explorer, they have to keep raising” mob, like the “assays can’t be timed to benefit optionholders” crowd before them.

And all of these sorts of lines do have some merit. But imo - and I wasn’t one of the small subset choppered onsite (at all of our expense) to get the inside lowdown - it’s about building trust in the project and the people with the market more widely now. I would really like to see AW1 meet exacting timelines, stop fudging cap raise plans with “prepaid expenses” nonsense, pretending a royalty gig isn’t really dilution (when it’s still diluting the size of the distributable pie), and to begin consistently under-promising and over-delivering for a change. Otherwise, they will keep getting (and probably deserve to keep getting) stick from the straight shooters and armchair critics.

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Correct. Not happy about this, it's the second time they've heavily implied a raise is not needed and then gone ahead and done one.

Lesson learned.

AW1 Price at posting: 11.0¢ Sentiment: None Disclosure: Held
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