No capital raise, spoke to Hugh about that weeks ago... He said there is no plans to CR anytime soon. Still have $1.5 mill in the bank which will see them through to the end of the year easily for a low overhead company with activities funded by Xstrata.
Not to mention the $2.7 mill in Pantheon set to grow this year on drillings. Which he also stated could be used instead of capital raising.
He also stated his goal was to keep as minimal shares on issue as possible to maximise returns. Can't blame him, he has 7 million shares himself! Out of 82.8 mill shares! So just selling himself short!
Plus Xstrata will likely take them over by the time a CR is required in 2012.
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