historical comparison, page-6

I sincerely hope the board is actively looking at non-traditional financing options that will be non-dilutive and foremost in the interests of current shareholders.

How often do we see traditional financing result in massive equity dilution to raise project finance. This occurs generally after (cornerstone) institutions and others have driven the price down to ridiculous levels to take advantage of cap raising requirements. Add in massive amounts of hedging that protect bankers but limit the upside to long term smaller stockholders.

Mutiny Gold (MYG) announced non-dilutive Project Development Funding Agreements to the ASX today. A must read. A few other developers turning producers in recent months in Aus and overseas have thought outside the square as well, with different and creative funding packages.

For companies like GRY (with what the DFS should no doubt prove to be a robust, and long life project), traditional financiers should be given the big 'don't argue'.