capex for stage 2, page-2

Hi, we dont know yet, one of the uses of the latest cap raise is to establish an engineering study to determine how much capex, which equipments/plant design we need and targeted throughput of the new plant. However we know that it would be both extremely low capex and fast to build compared to a new project due to the experience and expertise especially in-house equipment manufacturing + civil works construction capabilities already acquired and developed by the company throughout the refurbishment phase of stage1.

Given the above and the fact that refurbishment cost merely something around 5M$ - 8M$, I expect capex for stage2 not to exceed the 15M$ - 25M$ figure give or take.

If Options are exercised, that is already some 13M$ cash in 2018 so most probably we dont need much additional dilution (equity raise) to build stage2.

Hope that helped,