I have the answer, page-43

Where did a say little or no expenditure are you kidding me don't manipulate.

It's maximising our value until we get there we may need another 4 5 drill to get a major to consider us.

While you and the other rampers on this board have said a JV is just around the corner I've said there's no chance

We need to be very careful about how much we dilute over the next couple of years and do so when it's going to maximise our value.

Now I might not get as many thumbs up as the fanbois on here but as a company living on a shoe string we need to be aware of the huge costs that will come if ice 2 fails and this 17mil barely scratched the surface if we want to succeed in the future.

Then the time frames needed if ice2 fails at another chance at potential failure.

On the flip side of ice 2 is successful we just diluted a massive amount for nothing. To me holding out at a chance of success and raising funds at a much higher value guarantees a strong future for shareholders.

Raising now for potential failure will only scratch the surface on what we need to survive.