During the next few months we will be negotiating finance and...

During the next few months we will be negotiating finance and offtake. These discussions that have not been helped by the mining code. Whether we like it or not having a cash buffer helps management be firm in those discussions, despite the turbulent conditions created by the government. We want them to be firm not rush it.

Whats the right number to have on hand $3, $6, $10m? I would say leave it to Mark. He's not a beginner and has had many financing discussions for much bigger deals, bigger deals that the loser who keeps sheet posting Nzuri will ever do in 10 lifetimes. He's a shareholder and wants to make money.

We can say there are catalysts to come to boost our share price but being in the DRC the timing is always unpredictable, and the market sentiment around the DRC is always choppy. No one understands the possible catalysts better than me. In the balance of things I am comfortable with this raise.


Huayou has not been allowed to increase their stake at this price, they are maintaining the share they had in % terms and that is very important.

Tembo has also come in for half and is saying "Whatever you may think - our baby is not an orphan and we are willing to keep her going, we are ready to build"

Tembo also made the nice gesture of asking shareholders permission to participate and we have an SPP which is an administrative headache but shows the intention is not to short change O/S but to reinforce the companies position during the crucial next six months.

As for pricing, any conversation I have with brokers about DRC and they want a strong incentive for their clients. Either free options or a discount, I personally prefer they discount and offer most of the stock to existing shareholders so its not used as stag feed, so I think this was done well.

I have some stuff to post about Kasangasi at some stage which we should be drilling soon, busy week will try for next week, but go take a look at prior announcements and ivanhoe information on kakula in the meantime.