Maybe because at Coolgardie they can get into production a lot quicker i.e. within the next 6 months without having to outlay barely anything in terms of CAPEX. Then they use the cash flow to fund them into NT which will cost money so there is no more dilution.
Board controls circa 24% of this stock. You really think they want to dilute themselves? Look at the rem report too. Not like they are paying themselves big bucks!!
Ann: Annual Report to shareholders-PGO.AX, page-19
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