scottm may I draw your attention to page 3 where I quote: "A...

scottm may I draw your attention to page 3 where I quote:

"A sale of direct equity in the project, a capital raising with an increase in issued capital, and the terms of any debt raised would each have a major influence on valuation, and given the uncertainties we have elected not to generate a valuation per share. Our target price assumes a doubling of issued capital and adopts a 50% discount to the NPV per share based on CNQ’s study. In terms of significant risk, the Mt Carbine project is exposed particularly to commodity price risk and A$/US$ exchange rate risk, with tungsten concentrate commonly sold in US dollars. The other major exposure is funding risk, and while Mitsubishi has agreed the terms for an A$15M debt facility, the Conditions Precedent is yet to be formally satisfied. The cost of the Stage 2 project to deliver full value is estimated at A$55M. With 308.6M shares on issue, a share price of 14 cents would generate a Market Cap of $43M. A doubling of issued capital at that price would be required to raise $40M in equity to fund the development.


This suggests very highly there is no other funding option at the moment as you would have us all believe.