Yes, the aim is avoid dilution but there still will be some...

Yes, the aim is avoid dilution but there still will be some level of dilution. If Calidus ends up with more than $60m in debt to fund the mine building, chances are I'm getting out. We've seen how a gold mining company that is producing around 100koz p.a. with substantial debt went in the last two years. Dacian, Gascoyne, Blackham come into mine. And it is a good idea to check their ore grades being mined and processed. Wouldn't see Calidus being an exception to the rule.

If they want lots of debt to start production, they won't be a takeover targets as the more astute mining companies will stand back and wait to flog them off at cents in the dollar instead.

A debt require mix package with more equity would keep us in the game (I hazard no more than $40m debt), rather than throw us off the train battered and bruised. That or Warrawoona has some bonanza ore allowing them to produce at least 2.5g/t from open-cut deposits close to the surface.