I'm in top 10 shareholders and speak to management regularly, my...

I'm in top 10 shareholders and speak to management regularly, my view is we will actually only need to raise for working capital and exploration, and this is normal. The feasibility study is done and that was a huge expense behind us.

The entire stage 1 build of US$50m can be funded through the off-take process: a pre-payment for off-take, debt and or an equity placement to the off-take partner who will not be selling any shares.

As mentioned before I'm also looking eventually for a JV on cobalt sulphate processing plant, because the margins will be disgustingly good and I like margins.

A full equity raise for the project would be ludicrous and I think would only be considered if our market cap was actually 2-3x higher.

Remember Tembo are smart people and they own the company, Mark has done all this before, including as CFO for the sale of Moto gold to Randgold and is currently a director of Centamin ($2.5B cap). We are just here to enjoy the ride and to make comments, lets at least try and think before we make them.