Huge reserve, resource and production dowgrade. Future production relies on open pit for now and optimised of $2400/oz price so quite marginal. Recap required as per the release. If all debt has to be expunged in addition to a working capital top up and hedging reset, DCN needs $100m+ minimum (likely $120m). Recap equity raise would be under $0.70/sh. May be salvageable once balance sheet is cleaned up as new MD has a few successful turnarounds under his belt.