Financiers are concerned about forward cashflows rather than the market capitalisation of a company. Cash flow determines loan repayments. If the POG is sitting at AUD$3,500 at the time of the DFS release, I am sure there would be some option to forward sell 10,000 ounces (or more) of production for $2,500+ per ounce. In a $150-160m or thereabouts capex scenario that would come to (hypothetically) at a $25m gold prepayment, $65m debt and $65m share capital. Another option would be selling a capped royalty. Issuing shares is only in our interests when the share price reflects value (ie north of $0.40)
I am surprised when you make comments about “needing to issue shares as cheaply as possible”. As a shareholder (ie owner of this company) my expectation is that the company issues shares at the highest price possible which adequately reflects the value of the company’s assets.
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