mgt have done everything right to date, apart from waiting a wee...

mgt have done everything right to date, apart from waiting a wee bit too long to raise capital & being caught by major market downturn

they raised around $60m, which was awesome. name an explorer that has raised $60m recently?

$60m @ $1.25 = 48m shares
$60m @ 1.75 = 34m shares

the extra 14m shares is neglible dilution

you either have to believe in the project or not

ELM are now looking for a JV partner, offtake partner, takeover entity, whatever

thus, they have done nothing wrong & remain making the right decisions

if they can't find a partner it is due to the world economy rather than mgt

if Vale do not want the project then that is a very conservative business decision reflective of the times