dfs stage 1 will be funded easily, page-4

As far as TRF goes it leaves them with about 30% of IFE with 20% free carry if they don't take up their rights issue.

However to maintain their position they would have to issue for themselves an extra 35,000,000 shares at say 40c.

If my above scenario plays out they will earn $10mill or currently EPS of 12.2c. If they dilute now to keep 50% position then the EPS will drop to 8.5c. If you multiply the EPS by a factor of say 6 you get valuation of each share 73.2c or 51c on these earnings alone.

Then add the values of ROL and IFE shares and I don't think they are that worse off if at all, by keeping the register tight at the moment.

Later I see them doing a small raising to continue their own metal exploration until the $10mil comes in.