Crisis, if our market cap is now $100m and we raise $500m, let's...

Crisis, if our market cap is now $100m and we raise $500m, let's say it's 50/50, our debt levels go up by $250 and equity holders need to invest another $250m or be diluted. So, yes, our EV goes to $600m but not $1 of the increased EV is due to share price movements.

The key is what the company does with the extra $500m...which is pretty self evident in this case! Thus my point that I think the market will reflect value of the asset once we prove we can generate a profit from it. With a bit of luck that might come before we start mining, but we have to be realistic. Over the long term the price will reflect the earnings which can be generated on a DCF basis.

The real issue for us in the short term is the need to raise equity. I don't know about everyone else but I am not that keen to increase my investment by 2.5 - 3 times. If we are all in the same boat we will be diluted by 60-75%...we really needed a market cap of $300m ++ prior to equity raising so the dilution would have been minimised. This is starting to look less and less likely.