Ann: Capital Raising Presentation December 2018, page-49

I tend to agree with what loki and spec have said on the outcome. 25 cents is a bit disappointing but is the reality in this market. I think sometimes people forget that we are in the weakest market for gold development stories in the last 20 years, aside from maybe 2015.

Getting funding for the project in this market is a significant achievement and I think shows the robustness of the project economics. Like spec, I haven't seen any gold company in recent times raise financing for 150% of its market cap. The extra funding does seem slightly excessive but they have clearly taken the approach of doing a raising once and not having to come back later for extra funds. Every gold developer for the last few years has fallen short on their estimates to bring their project to first cashflow.

The upsizing of the project to 2.5 Mtpa was supposed to be for relatively minor extra capital so I don't think that is a big driver for any extra funding requirement.

I don't agree about the share price just continuing to wither down here for 18 months. Nothing has changed about the value of what is in the ground.