So am I to believe from your comments that you consider CMM the better company. My definition of better is defined by these performance parameters:
1. Profit after tax
2. Earnings per share
3. Operating cashflow
4. Mine life
Ultimately these performance parameters drive the share price and hence capital appreciation.
GCY has done a BFS for both Dalgaranga and Glenburgh so it is possible to make reasonable estimations of performance parameters over GCY's mine life.
CMM has not completed a BFS yet. They have however made strong hints on likely outcomes in recent ASX announcements (ASX 7/8/17). Also Euroz Securities provided some useful estimates in their research note dated 23/2/17 on CAPEX and AISC. Combining this information it is possible to make reasonable estimations of performance parameters over CMM's mine life.
So my work shows CMM is the baby brother to GCY by a wide margin. This is not a bad thing and in fact CMM is currently undervalued and unappreciated. However by my definition GCY is the BETTER company not CMM and that is why my current investment preference is GCY not CMM.
I would be interested to see any comparative analysis you have conducted on CMM and GCY. It my well be I have got it totally wrong as does happen.
Ann: Investor Update Presentation August 2017, page-4
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