With about $16.4M in the bank at the end of the last Quarter,...

With about $16.4M in the bank at the end of the last Quarter, and the major resource upgrade being announced in January, I think they are unlikely to need any further funding until mid 2022 or even later. By then, I would be confident, the Share price won't be at these low levels, and the options for going into production would have been assessed via studies.

Given the high quality of the asset and the team has a proven track record, raising funds to become a Gold Producer is unlikely to be an issue. I expect there is already much institutional support (26% so far), as these guys are professionals.

At that stage, it would be great and fair to offer existing SHs with the opportunity to participate in any capital raising (this include Directors, Management and staff who currently have 27%). It is important to ensure they look after the existing shareholders on the way through TOO. As AUT announce further resource upgrades and we see the price of gold rise further, the market will re-rate AUT significantly. It's a multi bagger, so I'm in there for the long term returns.