Ann: Transcript of MD's Address to Iron Ore Conference, Perth, page-6

Still love the work CAP is doing, I just think the CAPEX hurdle might be a bit too much.

I think CAP's biggest challenge will be the very low market cap, which makes equity incredibly expensive to raise for a project of this size. Imagine CAP going to market to raise 500M shares at 5c to raise $25m. You'd be diluted to smithereens unless you fork out some cash yourself, and the cash raised would be a drop in the ocean for the overall capex required.

So funding is going to have to be largely debt based imo, or a forward sale offtake agreement. Both reduce the returns to shareholders in the early years as debt is geared down.

Perhaps the best play for existing shareholders is a takeover from a Mitsui etc. That recent preso certainly came across as a bit of a "glossy brochure" sales pitch. Good on them for getting the story out there. But for those that have held this since 2010 a TO would be a real kick in the teeth.

What a journey it has been for them. Some might remember at the turn of the decade they were touting production kicking off in '16 or '17. There's well documented reasons for the divergence there, but I wouldn't blame the long term holders for getting restless.