Ann: Outstanding Results from Ore Sorting Testwork at Rothsay, page-19

Fully diluted they would have about $15million in cash to develop the mine. Total CAPEX will likely be around $40mill, leaving around $25mill to raise via debt or additional equity. Let's call it a $5 mill raise at 25c to make it 50/50 debt/equity finance. Then we have a fully funded gold mine that will produce up to 90k oz, starting in 2019, with about 128mill shares on issue.

A fully funded, high grade, low-cost gold mine at MC$37 is still very cheap. In production, it would be worth $150mill+.