are the stars lining up?, page-28

"And that is before the dilution that will be required to bring this into production. "

Nabaru, that is a common problem with many companies, but not a significant problem here.

With capex of $27mill estimated earlier this year (not out of date), 23mill in cash, probably half that left when ready to develop, that would mean we would only need around $15mill plus maybe $10mill working capital =$25mill.
On a project that would return $257 mill in just 2 years after repaying capex, this would be an easy case for 100% bank debt especially if we are holding $10-12mill cash at the time.
No dilution is certainly a possibility.
Even if it was $12 mill bank debt and $13mill equity (and $12 mill remaining balance in cash account), it would only be 10% dilution.
That is almost insignificant compared to fluctuations in the price of gold and very strong exploration upside, potential for underground mining, etc, etc.
Lack of dilution risk is one of our strengths.
The main risk of dilution is a strong outcome from studies for Buccaneer making a compelling case to bring it to production ASAP. That would not be a bad problem to have.
I think that's unlikely to be a priority until the POG is closer to $2,000. Until then, I expect OP will remain the priority.