The risk of a standalone project is considerable.Regardless of...

The risk of a standalone project is considerable.

Regardless of how well White Dam is spewing cash, we were always going to have to borrow and issue more shares to fund the project.

Borrowing was not a problem as Barclays would have been eager to fund, as would have others given the track record of EXS repaying debt early from White Dam.

Issuing more shares would have been dilutive for existing shareholders, and they are the ones that should be rewarded having funded it to this stage.

The sale price might sound cheap, but it still represents a return for holders that is very good, especially given how hard-ball X-men have played, and allows some of the proceeds to be used to prove up the remaining areas, and then repeat the process.

If other companies feel that the sale price looks too cheap, they now have the opportunity to flash their cash, and lob a bid. We now have a starting price.