Almost certain to be necessary before the end of 2018. Cash burn...

Almost certain to be necessary before the end of 2018. Cash burn has been reduced by the drill-for-equity deal with Ausdrill, which effectively amounts to a series of miniature capital raisings anyway.

My guess is that we're going all out one last time for a rerate-producing announcement before raising capital. After that, we'll have no real choice but to raise at whatever the share price is.

It's hard to guess what news could possibly produce a rerate though. A 1Moz, near-surface resource open at depth and along strike, along 3km out of a 12km mineralised zone, with strong mineralisation in nearby parallel zones as well has so far produced on a short term blip on the long slide. Based on that we could find 30Moz of 99.5% gold lying under 2m of loose gravel and we might break through 5c per share.