pog...poo, page-15

Jeff65, unfortunately the funding topic came up near the end of our conversation which had to end quickly. It was more a general discussion about the difficulties of funding in the current environment. AXM managed to raise $60m through Goldman Sachs this week. I was told $50m for Mt Morgan wouldn't be too much of a problem. Ironically, a major bank like Goldman would have been reluctant to help AXM / NGF a year ago (projects too small) but this is no longer the case and is a good fit for their balance sheet ($500m project funding on the other hand is now very problematical). $13m for Paddington would be needed at some point and it could be funded from cash flow but more likely a cap raising. But I didn't go further than that and it was an off-hand comment. Not sure if he meant underground expansion etc.

Rowingboat.