Will GLN cap raise, if so what price and how much is left in the kitty., page-15

The Glencore prepayment could quite easily cover the whole of the remainder of phase one. GLN could then probably get by on its remaining cash (am guessing $10-15m by the end of this quarter). It has already completed the DFS for Phase Two so doesn’t’ have any major cost items outside of the current build. It may not need to raise money in the near future at all, and if it did decide to, it could be the small amount, say $10 million, which it could probably raise from one or two institutions. But it may have the option of deferring that until better market conditions.