Ann: Quarterly Cashflow Report, page-49

@eshmun
You were right about the financing mix. They will use a combination of debt and some equity. From Macquarie’s Analyst Report June 2018...

“Given the robustness of the updated feasibility study, along with comments from Mr Hyde in the conference call, we have increased our gearing for Sanbrado’s development Project. Mr Hyde commented that the project could handle 100% debt but that the board would take a more prudent approach to financing. We had previously assumed a A$100m equity raising along with peak debt of US$85m. Given the larger capex estimate, we now assume a A$70m capital raising and peak debt of US$130m before cash flows allow for a rapid unwinding”

I’d expect to see a strong re-rate prior to any Capital raise down the track. My opinion only.