Ann: AGM presentation by MD , page-9

Very unlikely a capital raising soon, especially before year end. The stock is about 60% held by directors, so they wont want any dilution, either from any option dilution as a result of failure to meet y/e phase I completion on time, or cap raising at a low level.
At 20kpa of alloy the brokers conservatively give this an after tax running profit of about 8-10cps.Current margins would give higher. The confirmation of y/e target being reached should give a boost to the sp, so any cap raising should be next year if they need for Phase II to bring production to 55kpa(cost about A$15m)or other purchase. They also have substantial credit lines unused, so really cap raising very unlikely to be needed for Phase II IMO.