Kiaka, page-95

Agree - the upcoming quarterly should certainly help, hopefully they made the most of these higher gold prices.

Unfortunately, the expectation that the debt piece would be solved (orignally in the March quarter and now this quarter) has meant the old death funding spiral, which assumes the longer it takes, the worse it will be - can they get the debt, is it too costly, does that mean equity (or more equity). Unfortunately, the only way to stop it is to come out with some news. With higher interest rates (and ongoing issues in BF), debt is going to be a lot more expensive than last time for Sanbrado (at least 10%pa). However, as the share price goes down, that higher cost debt (if you can get it) will look better compared to dilutionary equity.

Is another option just to go slow on Kiaka. As lots of you have said, Sanbrado has been making (and should be making) very good margins. Is the market really going to care too much if Kiaka comes in one quarter or two quarters later.

If they do raise, I hope they do an entitlement offer (and allow exisitng shareholders to oversubsribe). Once the raise is done, and there is some certainty, the price should come back. Those groups who look to short on the expectation of an equity raise, and then aim to buy back at a discounted price as part of a placement, will then be caught out, being forced to buy back on market and pushing the price back up.