MGT Progress and Prospects, page-158

Correct me if I'm wrong, but I was under the impression that PFS is already funded as stated in oversubscription announcement at end of CR .... that 20mill referenced is for various stages throughout the project

*Stage 1: 5 mill for commencement of PFS and NextOre trail, completed without BMD

*Stage 2: 5 mill for finalisation of PFS, accommodated by recent CR and BMD no longer required

*Stage 3: 5-10mill for completion of DFS/BFS, N/A at this current time.

It will be interesting to see if they still want a stake in project upon commencement of stage 3 but IMHO retaining 100% of razorback accommodated by future. CR, (either by insto only or similar CR to recent one) is significantly more profitable to holders then relinquishing half our flagship project.