dfs, page-4

I am quite happy with the result although I would have liked a little more debt.

My take on this is that the Capex ($26m) is equity funded with the working capital of $6m-$8m to be debt funded as they said that will be raised a little later on.

At least shareholders now know where they stand and that Year 1 is looking like profit will be ~$50 per tonne or $50m before tax.

Plus with the rights issue, shareholders can get cheap stock or (if it is renounceable) they can sell the right and make some money!!

Regards,
W