Next up, equity raise.
In early July when resources were updated, I paid particular attention to broker comments on the expected equity raise shortly after the updated feasibility study drops in Q4.
TD expected capex of $390 million (C $) and a raise of $75 million. I think they've subsequently rounded the capex up to $400. Ridgeback could possibly confirm that.
At the other end of the spectrum, Canaccord expectedd capex of $449 million and an equity raise of (gasp!!) of $260 million. They constructed that number after the Cat. equipment lease.
Does anybody have a reasonable guess? I can see that $75 mil. might be optimistic, but $260???
Just reviewed the shares o/s at 256.1 million. There's 12.2 million options, 0.6 mm deferred share units and 0.77 mm restricted share units for 13.6 million current dilution. Let's round up the fully diluted number from 269.7 mm to 270 million. If you were generous, you might make an adjustment for expected option proceeds.