what's happening!, page-14

Sirecho,

True, the second cash raising was to have ensured cash through the T build, after replenishing that foolishly squandered down the J hole.

However if Long continues to perform, and J doesn't redeteriate then the free cash flow from Long probably suffices for exploration, admin etc? It would be tight without some debt, and other projects perhaps not progressed as fast as they should. Makes the last CR look just about right imho.

Taking on modest debt is much more comfortable with a second decent cash generator on the verge of starting, need the wheels to fall completely off two robust looking cash generators,

Imho IGO is itching to throw more cash at the likes of Stockman, Karlawinda and perhaps one or two less advanced projects, plus of course they are expecting Ashanti to want to step up the spend around Tropicana as soon as commissioning is over. That they are looking for more than just bridging type finance (I assume) indicates to me big development activity next year.

With cash flow from T anticipated to be well north of 100 m in the first year, plus say a modest 20 from Long I'd say we must be looking at pushing the green light on Stockman or Karlawinda, perhaps both? Neither seem quite ready to me? Am I missing something wrt K readiness? With Stockman I am wanting to see payback well under 4 years and C1 costs say 15% lower before they approve.

EL