I am confused why did CXO need to do a capital raise at a 25%...

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.