Jdh81, you state, "Every cap raise that is not 100% subscribed...

Jdh81, you state, "Every cap raise that is not 100% subscribed will see Emerald increase their % stake in BE but I wouldn't think there won't be a huge number of cap raises. Once it's producing gold bars, why would it need external cash?"

With all due respect I believe you have overlooked an important part of developing a mine. A mill and processing plant will be required, a workers camp will be required as well as quite a bit of earthmoving equipment that will also be required. This will all come at a considerable cost.........the CR's so far will be a pittance compared to what is still to come.