Hi RogerGreat post, but one thing to clarify...the CAPEX...

Hi Roger

Great post, but one thing to clarify...the CAPEX required for initial start up is not $75M. I assume you made that assumption given how many shares on issue you used in your calcs, ie anticipating a very large capital raising.

You probably got that from the presentation, but the preso didn't clarify that that included 'production development' capital as well, ie money spent developing the mine during production.

The actual pre-production CAPEX is estimated at $42M, and that is expected to be funded primarily via debt.

Therefore any equity raising will be minimal...that impacts your post as it is likely there will be significantly less than 400M shares on issue...hence a much higher valuation per share.

Course that assumes everything runs smoothly, ie the debt financing route doesn' change.

Cheers

Cdchi1