Ann: Half Yearly Report and Accounts, page-7

As they say..."explore with equity" and "develop with debt". Given we are pre-discovery, raising further equity is a no-brainer IMO. The only question is timing. The BoD has form that they don't like to run it too close, and with a drill committed in Q1 2019 (fully funded but coffer emptying), I'm expecting a raise in the next 6-12 weeks. But there is a looming event that is a first for our Alaskan ventures - a possible farmout of conventional prospects on our western fairway. Which really is a form of equity raising in terms of the dilutionary impact on current shareholders in exchange for capital raised for further exploration work. It is possible that a farmout will be the only 'capital raise' event we require prior to 2019 drilling programme.

We don't know what we don't know and I suspect SP will linger in this region plus or minus a few pips till the additional funding question is answered. IMO.