I don't think this will look like a stupid decision in 1-2 years...

I don't think this will look like a stupid decision in 1-2 years from now. The 2c offering price is the result of unfavourable market conditions. The timing for this cash raising is awful and it should not have become necessary in the first place. But then this heavy discount is our chance to recover what we have lost in the past, or more. That's my two cents worth.

I'm going to sell my original position to realize the tax loss (shares are being offered as we speak), take up my entitlement in full and try to get more in the shortfall offer.

What I do not like is the fact that HAZ is doing too many things at the same time IMO. They did not have enough money to get the Vietnam plant going but advanced Big Hill and Mt. Mulgine at the same time. I'd very much prefer the one step after another approach. Kick-start the plant and only when it has reached steady state production and become cash flow positive, take the next step and develop Big Hill. Once this is achieved, develop Mt. Mulgine.