I will wait until the final description of the use of funds...

I will wait until the final description of the use of funds before I come to my final conclusion on this CR, but what I do know is that those saying the current mining activities are not profitable at current gold prices are lying Imo.

They already explained the situation in the last Boorora and Phillips updates, as well as the quarterly. The figures were disappointing and below expectations due to initial mining start up costs and the fees paid for the 3rd parties (which have now been paid out). The main mining activities such as reaching high grade ore and creating large stockpiles were also undertaken during this period which absorbed most of the costs. If you understand how mining works with most feed now set up for processing, as well as higher grade ore ahead then the true profits will be seen this quarter. Most of this will be around $2000 aud / ounce in profits. Enormous.

I am still perplexed at the timing of the raise, it has a stench about it - i.e. helping out the sophs and instos at a huge discount, but should we be surprised, most stocks on the ASX are doing this. AWJ similarly did the same on Friday. No management team is out to help out retail and raise at the highs. The elites are in control of the markets.

Anyway, let’s see what Monday brings, I am thinking a 6c + open going by how MM8 and AWJ faired immediately after their CR. The $100aud rise In the gold price overseas on Friday will also help kick us along Imo.