Suspect it will be an institutional capital raising, which is a...

Suspect it will be an institutional capital raising, which is a worry at present share price - massive dilution. There is no other alternatives when banks lose interest in the sector. Even with a potentially quality resource, a JV with one of the big boys (at one time, an attractive 'fall-back' position) is out off the question at this time.

The other obvious alternative (and certainly the best one under the circumstances) is to go on "care and maintenance" and wait a couple of years for the cycle to turn. Still, that's not cost free either - just less expensive - so they'll still need more cash to do even that.

As with AGO's present dilemna, none of this is IRD's fault - just bad timing to start the project at the top of the cycle only to find that just as they need massive dollops of capital to flick the switch, it's suddenly the bottom of the cycle.