FURTHER CASH REQUIREMENTS NEEDED?, page-30

They might be able to start production using low pH solution in previously mined areas without raising further cash. From memory the cost of the transition to low pH involved something like $5M Cap-Ex. However to get to Stage 2 where they can get their costs down to $31/lb will involve considerable funds - not necessarily a capital raise though as they could borrow if they have contracts locked in or negotiate an off take agreement with a purchaser.