Sure you could have.
https://hotcopper.com.au/posts/77757590/singleand
https://hotcopper.com.au/posts/77777006/single"What I was highlighting was my opinion that if pre-production Capex was around that US$300M and if a banking syndicate agrees that $2 of Debt for every $1 of Equity on the balance sheet is the right level of credit risk (and why wouldn't it be ... the jurisdiction is good and Probable Reserves makes it highly likely ... ) then all that leaves is $100M of equity to be raised"This raise isn't much more than making sure we have sufficient capital post DFS. NWC has to get that MRE with Reserves (sure you can model saying you have these reserves, but banks won't lend on Resource ... they lend on actual JORC Reserves ... and that's coming). Streamers will gamble a little more but that's why they are expensive sources of capital - non-dilutive but expensive. Hence why the partner equity with asset sell down is my preferred approach - and that option is still there in combination with debt.
Money talks BS walks. This is not the last raise. NW from RIU Fremantle Feb'25
"... currently we're busy exploring options and expect to announce the outcomes of this over the coming month. This includes utilizing the precious metals component of our project - both gold and silver - making up 8% of our revenue at what are historically high prices to finance the development through streaming and other structures and utilizing the cash flow generation of Antler to implement structured and project finance. And finally, we're very focused on establishing funding and Equity Partnerships with credible and experienced parties with shared alignment of our long-term development outcomes at ACP and beyond..."
Your balance sheet needs to solid and this is not how you want to enter discussions
And raising at $0.2 at whatever that discount equates to is indicate of the market perception - that changes when partner and funding is secured. Chicken and egg.
Owning a smaller slice of something bigger. No free lunch I'm afraid.
(20min delay)