I am confused why did CXO need to do a capital raise at a 25% discount to the 52 week low?
Purpose ofraising
• Allows Coreto deliver its near-term growth projects during Finniss ramp up whilst preserving balance sheet flexibility:
✓ Progress BP33early works, such that FID can be announced in 1Q CY 2024 (alongsideits revised feasibility study outcomes)
✓ Performseveral plant optimisation initiatives and sustaining capitalprojects associated with ongoing mine operations,
refurbishments,process redundancy and debottlenecking
✓ Fund Core’sFY24 exploration program targeted at both brownfield and greenfieldexploration opportunities
✓ Completestudy works to better understand growth projects including BP33,Carlton and the Finniss plant optimisation initiatives
✓ EnhanceCore’s balance sheet, including providing additional workingcapital and financial flexibility during Finniss ramp-up
What happened to the ‘Minimum Viable Project’ strategy.
I think they missedthe tick ✓ maintaining shareholder value.
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