Ann: Quarterly Activities and Cashflow Report, page-12

I can only agree Davisite.

If they need $135m just to build the plant and turn it on (that does not include pre-production, $$ for the commissioning phase, which is a real killer, I can tell you after holding GCY and the usual expenses like exploration, admin etc), then current holders are looking at at least $54m. Yep, a straight 1 for 1 share placement at the current price, but.. being realistic, that is just not going to happen.

But then, as I said, the real number required to actually get the mine into a steady state production and producing at an ASIC that allows for profit generation, means they will likely need to raise at least another, $40m. So.... Basically, just dilute shareholders by 200%. 

If I had not been through the exact some scenario with GCY, I would not be so brutal in my view, but... that is simply how it is. Of course, all the numbers above don't include the risk of something going wrong! Slow ramp up, material blowout in costs, etc.

Anyway, CMM has a good project, it just has not had any luck with timing. As developers are very very unloved. Only those producing real cashflow get the markets attention right now.

Perhaps management can pull off a miracle.

Good luck to all holders.