Ann: Increase In Kalrawinda Mineral Resource, page-16

I share your sentiment on CMM. I like their 1.3m oz Au R&R and there appears to be exploration potential to increase it. The CAPEX at A$146m is high but it could be funded with a substantial equity component. However equity raising at the current SP would dilute CMM to infinity & beyond. It would not be pretty and I suspect it would not be an attractive investment for any major players so unlikely to be successful. They are in a self sustaining hole and I can only see a couple of ways out:
1. Crank up exploration and aim for production of 100kozs for 10 years minimum. Unfortunately they will need A$5-10m to do so which means more nasty equity dilution.
2. Sell the entire project to another Au goldie and return the proceeds to shareholders. My feeling is that it is probably worth about A$50m which would net return to SHs about 7 cps.
3. Orchestrate a TO of CMM by say NST/RRL/SAR. Probably get decent value out of this.
4. Merge with another aspiring ASX goldie. say DCN or GCY. They would put K on backburner until main project was operating profitably and then use FCF to fund K.
5. Genuflect long & hard at the Altar of the Au GOD ("Midas") and prey for a substantial rise in POG.

Something has to happen soon and looking at POG fundamentals it may be Midas coming to their rescue. In any case I shall be on the sidelines for now but watching with a keen eye.