company maker, page-7

this is something worth noting, since that interview in may, where he mentions $47m net for riley, the lift in iron prices has been quite significant. Like $40/t higher. or so.

If they were to hedge some of that, who knows. But the same end game for Mt lindsay, a free ride. It would just mean that there might be no debt component at all. (if as noted in that interview was suggesting a 50-50 debt equity on say 50m capex) Can Riley exceed all the say 50m capex requirement of Mt lindsay. ?

(and please note, these are just going from the figures he poked at with a stick, and may vary when we see the studies)

I reckon, possible that we might get a look at all the capex in Mt Lindsay, from Riley. With no debt required.
Thats still the same free ride, as in either case with a debt component or not, we will have no more dilution in VMS, apart from any funding to get the last 10% of riley off the ground.