Ann: Share Purchase Plan For Shareholders, page-5

In current IO price $75-90/t it is very hard to start a NEW mine. BHP, RIO, Vale, FMG, this price could stay for a very long time.

With $2.5m pa admin fee & $3.7m cash, ROY will need to raise more cash at lower sp again and again... IMHO = dilution. Admin fee (in this crisis IO price) needs to be under $1m pa, so cash will last 3-4 yrs. There are other exploration companies only spend $600K pa on admin fee, try to hold out this crisis.