Spec101 All good points. I also think they should raise a little...

Spec101
All good points. I also think they should raise a little more than required to have that buffer. One good thing about this management team is that they really did the work on the BFS. This is why it ran over time imo. We have seen several companies get that wrong and have to go back to market. I don't think this will happen here and the company has made that clear. Its actually been a priority to them.
The Julius deposit is a cracker, so debt wont be a problem imo. I think it will come down to just how much of the project they finance that way. I would also like to see a rights issue to holders and minimize the funds getting blocks of stock unless they are stayers. (very hard to get of course). They have been the ongoing problem for months now and hence the weakness.
Your numbers look good, but i hoping they could get away with less equity and more debt.
I wonder if they could do $25m debt, $8m existing cash, and $10m raise to give them $42m. They could build, drill and have a strong buffer. This way, EAR is putting up $18m cash and the debt is $25m. They could wipe the entire debt clean in the first 12 months without any problems imo. Lenders cant moan about that but it comes down to the board. Either way, it gets the job done and this puppy can make a great deal of money for many years. This should move higher once that is all bedded down and we are very close now. Great time to buy and hold into production and its cheap moving forward compared with its peers. The short term share price movements wont matter soon enough. Dont forget the exploration upside. These are my opinions only so please dyor fellas.