RE:WRN BoardIMO they've been transparent regarding their objectives to get this through permitting. Now the dust has settled on Sandeep, this raise, Rio's continued 9.7%, I'm more convinced Paul simply thought Rio would take their 6, then 9, then 12, then 24, then 30 months and then pay 50% NPV (or whatever). We'll obviously never know whether they made a lowball or not. Always good to remember: most (all?) of our prior cash on hand was from Rio and MMC, for their own specific objectives, with not a dollar for permitting.
Don't misuderstand: I'm intensely annoyed about having to raise another $50m this late in the game. Doubly so that the "raise closing" PR didn't unveil some strategic investor Eight Capital wooed in. Nope, just a standard "we took all the overage too" raise.
To me, it's clear we're finally prepared to go through ALL of permitting solo (not just YESAB), and we should be prepared for a long hibernation period, bobbing along with whatever Copper does.