Simple Maths Missed, page-12

I doubt they are going to spend $12.4 million on exploration.

It is possible that they could borrow the entire amount needed ($48 million) from a financier, but a much more likely outcome is a 70:30 split. That would give $33.5 million loan, $14.5 million equity. They already have $12.4 so lets say they set aside $2.4 million for exploration then they only need to raise another $4.5 million to build the mine. That could easily be raise by a right issue to the existing shareholders with minimal dilution. How many gold miners can built a 60K oz/yr mine only needing to raise $4.5 million?