Capex number is an issue for me. With a 6.5 year mine life it is probably going to be difficult to get $150M in funding.
Even if they were able to get some debt funding for say $90M, the share price is too low to raise equity.
If you compare to GCY, they had a capex closer to A$90M for similar resources/plant/mine life and were able to raise equity at more attractive prices so as not to be overly dilutionary. Local junior gold space in a bit of a rut at the moment.
Maybe CMM tap the market or cornerstone holder for a smaller raising to try and get by for next 6-9 months hoping A$ gold picks up.
I sold some for risk management purposes. Still cheap but could very well get cheaper.
Ann: Feasibility Study Outlines Robust High Margin Gold Project, page-4
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