simple maths, page-22

Right,erichmj - the LCY deal will take place before the split into gold and IO Companies therefore LCY will get 60% of the gold assets of existing HAW shareholders. Severely dilutive of what are to date modest assets and LCY/NMDC will control the new Gold Company in the same way as they will the IO Company.

The only upside will be if gold drilling starts now - as we have been promised - and if the $5m that LCY are putting in at 1.5c is ring-fenced for the purpose. That is far from certain.

For us HAW goldies this is not a good aspect of the deal.