Ann: Capital Raising Presentation December 2018, page-170

That is not the point. DCN might have operational issues but the shareholders are being looked after as matter of attitude.

DCN have ~225 million share on issue, shareholders should be fine. We have blown out to ~900 million when the grade of our UG ore is like 5 times higher than Dacian’s (3 x if you account for planned internal dilution). We are really talking a confetti style give away that’s just going to weigh on the share price, particurly if we run into operational hiccups.

Dacian would need to issue another 675 million shares before they reach our basket case level. They still have plenty of raising capacity. If they wanted to raise $43.2 million like WAF has just done it would only be another 25.4 million shares say at $1.70 per share (ie at a 15% discount). ie their register would “blow out” to about 250.4 million shares or about 27% of WAF’s. Glad you think we will be alright. Esh