capital raising, page-32

mj, agree. The question is, at what price can they get it out? It all comes back to the ball mill at the moment, and we won't know about how successful that is for another four months - and then we need to know if the rest of the plant will perform.

AYN seemed to have a similar problem in the MMN days. The new AYN owners put in extra crushers two years ago, but we don't seem to have seen the benefit of that yet (although it is a heap leach recovery rather than CIL). Details from AYN on the silver recoveries are thin on the ground. And they have just done another CR - running at one a quarter at the moment.

With four months until the ball mill is running, there is plenty of time for the SP to drift lower. At least they seem to have enough cash to last until well past that point.