perspective, page-5

ok, so now have 60mill shares on issue.

Add 1:2 we get to 90mill

52mill shares on issue yesterday x 1.5 post rights = 78mill shares to be owned by existing shareholders.

IMO, that means the 'significant' dilution is really only 12/90 = 13.33%

that is not a big deal at all IMHO, not when you consider we will be fully funded for all CAPEX and initial W.C.

So really, if you dont want to participate in the rights issue (i.e. dilute yourself) then you sell your rights.

If you do wish to participate, you are only diluted by 13.33% at worst, and less if you decide to buy more rights on market.

I cannot see the problem here. At least not the massive dilution that some are seeing in this strategy. Put it this way, are we grateful that we didnt sell half of stage 1 for 30 mill to MCCM? and should we be grateful that we can maintain practically all our holding?

What more can we ask via the raising? debt finance would be nice, but what bank, under reasonable terms, would give us money yet? I suspect we will debt finance W.C. as we begin production.

I'll be calling Ian to discuss some finer points of the DFS, such as production numbers, shipping contracts and approvals - I will report any and all information that i receive.

Cheers,
Split