Jeff65, unfortunately the funding topic came up near the end of...

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.