Contact the company, page-20

I would have thought 20% to 30% year on year dilution to be an acceptable level to get them to the point of cashflow/payback from Montepuez. I really don't think they properly considered market sentiment in relation to the 31 July options when that idea was conceived. I think bad advice from whoever it was that came up with it.

By my calculations ironically the 31 July options would only add 43% dilution for the $33.4M they would raise. The solution that we got to with RCF and the cap raise with SPP 124% dilution. The 31 July options getting in the money to me would have been a much better outcome, unfortunately market sentiment didn't get us there.

As for recovery? They are chasing a funding solution with "improved terms for the benefit of shareholders" but I don't think that will necessarily mean less dilution. If they can come up with a solution that digs us out of this mess by getting us to a position of mine completion and cashflow then I will be happy with that.