Ann: Investor Update Presentation August 2017, page-10

I find it interesting that EUROZ forecast the capex to cost $120-130m, yet fail to specify if that includes mine establishment costs...

I use DCN as my example, they are building a 2.5mtpa plant, which is costing them $134m (so straight away... I think they are off with their estimate), plus a further $30m for accommodation, earthworks and communications. So we are at $165m. Then you have actual ore to be dug. My guessimate is a further $5-10m to ensure they have a decent stockpile of ore for such a large plant. So approx $175m in total for CMM to get to full commissioning. That excludes staff/management costs for say 12-18 months plus exploration.

I hope I am not coming off as overly negative on CMM. I like the company, I just feel that the above $$ hurdle is not an insignificant one. The DFS should be fine, but, as @eshmun mentions, for the project to start really showing value, they need another deposit.

GCY, yes, I hold it, however only requires $87m including contingency to get the plant built, ore on the rom and to start commissioning.

For what its worth, if GCY was T/O, I would probably move half my gains to CMM. It will have its day as long as management don't keep printing shares so often.