If I got to choose, I'd finance as much as possible via debt...

If I got to choose, I'd finance as much as possible via debt combined with forward sales and put options.

I mean, capex is a mere 73 million. Opex will be A$ 400 / ounce. That's ca $1200 earnings per ounce at current prices. With a production of 50.000 ounces of gold (equivalent) / year, that means $ 60 million in one year. If my math is not off, capex will be paid back within less than 1,5 years of full production. If you include the fact that we still got 15-20 mio cash on hand, and part of the capex (earth works) has already occured, the number goes down to a mere 1 year period to be debt free again on full production). So lets take out a 3-year loan to err on the safe side. Once we got Hera up and running, loans to fincance Nymagee will be a lot cheaper to come by; and any CR would take place at way higher levels.