Bin BinI'm just calling the facts as they happened. There was a...

Bin Bin

I'm just calling the facts as they happened.

There was a placement to Oaktree only at 9c. Cronimet has also agreed to convert their equity into shares at 9c. These are the two parties that know the most about the two projects.

They needed to raise to satisfy QIC and that raise was based on the current share price at the time. The price was at usual price for a raising (assuming the normal discount to VWAP). If they could have raised it at 9c they would have.

No, I am not saying that circumstances have changed. Kevin has always said that the Spanish deal was probably 12 months to early (wanting to finish bedding down Carbine) but they had to take the opportunity while it was there, and they managed to get a great deal.

They have been working hard on getting both mines to lift production as they add more capacity (which requires down time to build the capacity).

The VSA interview suggests that they maybe seeing some of the gains in recent weeks.

If people are judging the company on the current output, then they aren't listening to the current plans are.

1. Mt Carbine is adding more crushing, more ore sorters and going underground to add more grade and resource.
2. Spain is being assessed from top to bottom to improve the recoveries. If they get it to 70%, then Spain is going to make serious money, given the ore sorters are only putting <10% in the processing plant. When they got it from Oaktree 100% was being process (no ore sorters) and less than 40% was being recovered.