They could of waited, which was my thoughts initially, but the...

They could of waited, which was my thoughts initially, but the cash balance would of been very low to almost having to explain to the ASX they were an ongoing concern. From the spreadsheet some things can/could be deferred (as delays getting Kopang signed off means those funds wouldn't be required until later) but it still would of meant the bank balance would be critical, and honestly, the time between the first hole being completed to the time the assay is announced would mean the result would of actually been critical.

In hindsight it was done at the right time, and they basically hedged their bets incase the first lot of results aren't promising - a lot more funds will need to be raised in the medium future depending on the results of this drilling campaign and how quickly they move to doing an intense drilling campaign.



If you look at the commitments versus the amount raised by the placement and SPP the accounts would of be critically low.
Also doesn't take into consideration the cost of the excavator.

All the above IMO
cheers