capital raising, page-10

Sorry I don't know if I am perhaps reading your comment wrong... but I don't see the point you are making, your point would bring more emphasis to mine it seems from your comment?

If the next lot of feedstock is always going to cost significantly more than the previous (margin achieved is 10%, yet the campaign sizes are increasing by much more than that each time, then I would expect to see negative figures until capacity is reached). And I mean figures pre-Mt Mulgine outgoings etc.

I would like you to name many other small cap mining sector companies during this time that are doing well, HAZ holds intrinsic value having a working plant generating income - there are many explorers out there right now who have higher valuations, but if they drill and hit nothing, then their intrinsic value is zero. I have much more faith in HAZ in delivering longer term, and I would rather be in position now than rushing in later when everyone else realizes the potential after figures are already out and totally transparent to read and compare on equivalent sized campaigns one after the other.