Have to agree with most of what you say MB 49 - IMO a capital...

Have to agree with most of what you say MB 49 - IMO a capital raise of about US$40m in the next 2 years is a virtual certainty based on the 2006 to 2014 annual expenditure of GLE (then about US$80m/yr). Frankly do not see Cameco stumping up for their 26% until the demo of the lead cascade is done (i.e about 2025) and in the meantime SLX will have to find 51% of the GLE money from only EoY/CY20 + sold IQE shares of A$19,991,045 & 8,125,046 IQE shares (worth A$8,505,705). I make net SLX annual outgoings of ~A$5m/yr + ~US$10m/yr contribution to GLE (i.e total of about A$23m/yr). So as I see it SLX must do a CR in the next 12 months or get a generous grant from someone with deep pockets (or both). They may be able to offset some of this by a slower rate (or retain the current slow speed) of development for the lead cascade demo (i.e cut back on my estimated US$10m/yr going to GLE), giving a reduced expenditure for the first year which would be reasonable since it will take time to ramp up the Wilmington team and get them up to speed; it would also give more time to see how the uranium price was moving. This (slower/current speed strategy) would imply a CR in CY/2022.

The money stumped up by Cameco for the 26% sell down of GLE shares will vital to funding SLX's 25% contribution to the equity component of the PLEF Capex.

Looking at the SLX EoY CY2010 CR (A$89.1m placement @ $5.40/share + A$20.26m SPP) it appears most large shareholders sold down (slightly) over that FY/2011 year but institutions (particularly the Global X URA ETF) took up most of the CR shares; IMO MG had better soon be doing the rounds to sell the SLX story (particularly in the USA/Canada) to get institutions (e.g. Sprott et al) interested.