Ann: Capital Raising Presentation December 2018, page-6

Esh I know I generally take a more optimistic view than you, and it is probably a fault of mine but a few things to maybe take into consideration here:

1. $200m is at the upper end of the spectrum of debt offer we got.
2. The company still feels like they need another A$50m + cash on hand.
3. Surely we are expecting (I just wasn't sure how much) a capex increase in Jan when we get our revised mine plan. If they are condensing LOM (prior to drilling success) that would mean bigger throughput? It also means a higher NPV which offsets some of the dilution
4. This means we won't be hamstrung watching every dollar for the next 21 months and can actually continue to grow the resource - remembering the higher our implicit value goes the higher a takeover offer needs to be. That's straight from your playbook

In saying all that the discount is sheet, but not really surprising. I think most of us knew why we were down here. Financing is done now, we are on our way and gold looking good short term.