Agreed, significant discount raising on the way. Between 10-15c...

Agreed, significant discount raising on the way. Between 10-15c but my guess is the lower end. Probably before the end of the quarter ie March or shortly there after and before quarterly report.

There is no way the banks are letting them divert any current cash (prior to raise) on capital development for an underground.

let me also throw this in the mix, I don’t believe the underground will achieve anything like the recoveries of the open pit. Not anywhere near the refractory nature of Blue Spec but perhaps factor in recoveries of ~ 70% on top of unfavourable dilution.

Call me a downramper all you like, their models do not hang together and the banks (old or new) will be marking them down on their technical expertise already. Let’s hope they make it to UG development but my guess is not without a sizeable, heavily discounted equity raise to back it up.