I think people are starting to jump at shadows and possibly...

I think people are starting to jump at shadows and possibly confusing cashflow with balance sheet items.

For starters some of the major ticket items underpinning the expansion are sunk costs - cash has already left the building and the grade of the stockpile is known...(de risked)

From the Q

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Now that Integra has increased confidence of
additional open pit feed from Majestic, this large stockpile for which mining costs have
already been paid has become a lazy asset.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Also in the opening paragraph and mentioned on 1 other occasion..

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Unusually for a
project commissioning, the operation was cashflow positive.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The projected cash outflows for the next Q are not to be interpreted as net of cash inflows from sale of bullion. If they were they would be marked as such.

I would expect any expansion plan if not funded from free cash (timing dependent) to be funded from a further debt position.

and for the company to establish short term credit as part of OWC requirements, IF required.

I for one am not looking for a dividend from IGR in the short to medium term but capital growth by way of SP appreciation so therefore have no interest in them retiring ALL debt from the balance sheet. If debt is being used to fuel and fast track expansion and can be serviced then no problem, after all it is a start up operation.

IMO further dilution would have to be the last option based on previous announcements and from what I can ascertain from info available to the public, not required. Happy to have this view challenged.