RWA ... it seems to me that you clearly have not read my post...

RWA ... it seems to me that you clearly have not read my post carefully. I said nothing of the sort. All I noted was that the majority of the recent CR was going into exploration in the hope (and expectation) that they would find a lot more resources which will further improve the already positive economics of the proposed operation. In terms of Kula, they are carried until GPR deliver on the various milestones for entering the JV. Again, go back and read the original documentation when the JV was first announced. It gives a clear summary of the various stages of the JV and what GPR's exploration/spend obligations are to achieve the various levels of ownership of the project

Once the DFS is completed and we know final capital costs, then clearly further funds will need to be raised to start construction of the plant and to mine. Ball park figures are in the recently released PFS - these will be firmed up, and hopefully reduced a little, but the PFS gives you likely capital ballpark figures. How this capital is raised is still an issue for the company to address. In other situations companies have done a mix of debt and equity and what GPR will do is still to be seen. However, with the current large share base, any CR via equity will obviously dilute shareholders further.

At the end of the day, these are moot points because if the DFS shows a highly profitable operation (with a payback period of less than 3 years in the PFS) and if accelerated exploration significantly increases the resource base (and therefore life of operation) then it is all good news and whatever the final structure of the company and share base, it will still be potentially orders of magnitude higher share price than at the moment.