Though I remain positive about the future prospects of TBA, I am...

Though I remain positive about the future prospects of TBA, I am bitterly disappointed in the capital management of the company over the past 8 months and the cost that has been inflicted on shareholders through dilution.
I have put together a table showing the dilution since the first of 3 consecutive capital raisings in August 2021. In this period shareholders have been diluted by 45% and the company has received net proceeds of $17.8M in return.




The proceeds from these raisings have been used predominantly for the development of the Mt Freda facility. While this is a positive step, it is a relatively small scale operation, and at a cost of 45% of the company I believe shareholders has received very poor value. That's 45% of all future company prospects sold, 45% stake in Burra sold, just to develop the initial Mt Freda operation.


On a side note, it intrigues me how complacent most investors are when it comes to capital raisings and dilutions.
What if the capital raise was performed another way. What if rather than issuing new shares, the company just took 45% of your shares and sold these to new sophisticated invertors to raise money?
The outcome is exactly the same. Your ownership as a % of the company is exactly the same and the additional capital for the co is exactly the same. But would shareholders feel the same way about the raising if it was done in this manor? It's a similar mindset that's used in collecting income tax before individuals are paid.
Or what if it was done as a JV, and the partner was given 45% company ownership just for developing Mt Freda.
Something to consider.