Ann: Updated Presentation, page-5

The only thing to look forward to at CAS is significant dilution ahead.

I am surprised more comment has not been made about the recently announced Quarterly Cashflow Report, it shows exactly what is wrong with this company - excessive remuneration and overheads.

The report states they expect to burn through A$4.1m with only A$450k used for exploration, the rest A$3.6m goes on corporate overheads, salaries of directors and staff costs.

This means they will spend ALL of the recently announced Capital Raise in Q1.

IF they manage to raise A$20m on AIM (I doubt they will) then at what price? Out of that $20m they have already set aside A$6m to repay debt and corporate costs for Q2, leaving only A$13m (£7.5m)

They have already said that they will price the AIM listing on the A$ VWAP stock price minus 20% so, to do that (I will price it in UKP as it is a UK listing) they may list at around 3p a share assuming the ASX price does not fall further.

Assume 400m shares at 3p raising £12m (A$20m) add to the circa 350m already in issue would equate to a market value of £22.5m or A$38m with cash of £7.5m. That cash will not last long with a corporate overhead burn of £2.2m a quarter will it.

It is clear CAS will be coming to the market for money quite often, this will then attract shorting entities that operate on AIM.

The company needs to cut G&A costs significantly but will it? I doubt it.

Worth noting that AIM junior explorer valuations are not so flashy, one company, for example, has a JORC resource of 1m gold ounces + a 50% stake in a fully operational mine delivering 20k oz per annum, its market value is only £13m some junior explorers have sub £5m market values.

So even if CAS float on AIM with a £23m market value it will be higher than most of its peers, is that justified ??

Then there is the small matter of the $100m needed to build a mine.

These are my personal views and calculations, no advice is intended