Hartleys Research Report - 12 month target 5.6c, 2021 for 11c, page-14

Also just noted:




So Hartley's have identified A$15M of working capital for Stage 1.

If I assume a $15M raise at current levels, I get a fully-diluted share issue of 2.37B in 2023.

Hopefully BAT can somehow get some traction in the share price. Hopefully with a bit of luck they can generate enough cashflow to predominately fund Montepuez Stage 1 and Balama from debt and limit further equity raises.