tony, page-15

IMO.....As soon as they have a feasible resource things should change , thats assuming the amount of shares we have and a possible future dilution doesn't take place this year and/or cause any issues to the value of calidus. however, this year should be fairly straight forward with plenty of news flow, resource upgrade,exceptional drill hits and a possible pre-feasibility. Personally id rather them find a bigger resource over time(if possible) and decide not to do a pre-feasibility too early. Reason being because it would be a waste of money if something huge is there and it hadn't been incorporated into the pre-feasibility.(which i believe there will be)

The grade, recoveries and strip ratio thus far seem to be good ( hopefully it continues and stays similar to the mineralisation already found) and that too is again strong and important when it comes to pre-feasibility stage. So that being said the main driver will be that resource amount and if it is big enough the amount of shares shouldn't be an issue in the coming years. I'm anticipating a capital raise next year but i suppose we will get to that bridge when we cross it.