My calculations are entirely dependent on the costs meeting the...

My calculations are entirely dependent on the costs meeting the last quarters projection. I wouldn't be surprised if the quarterly throws up some 'one off' cost excuse if they've blown out again - it would be disappointing and unprofessional, but I suspect they'll have enough fudge factor to boldly just state costs were higher because of X/Y/Z and the ASX won't slap them on the wrist because "it's reasonable" to expect these things during a ramp up phase. Anyhow if they do come near those costs it'll be clear as day that this is hugely undervalued. Generating free cash of $15 - $20 million per quarter with a low cost route to doubling that makes it obvious we're undervalued. It also gives an extremely clear path to dealing with or refinancing the debt through JV, new lender or even just paying it down.

As far as the 'reasonableness' of raising at 11.2 cents, there may be logic as to timing of the raise, indeed doing it now gives a low cost chunk to a very important partner, the bigger picture negotiations to take JRO's tranche, and possibly much more input for debt and stage 2 in the future might have required a sweetener in the form of equity at a lower than 'fair' price. If the quarterly is as good as hoped and the SP spikes SS may have baulked at having to pay 'the same as everyone else' for their 20% stake.

All speculation until that quarterly hits...