Not a bad update, although I think CMM are a little, lucky...

Not a bad update, although I think CMM are a little, lucky timing wise. To use AUD $1700 for the base case gold price is unusual, considering that every other company I follow in the sector use a lower number like $1500-1600.

So... the question I have for holders, is what do you expect the company to do funding wise.
They need $132m to build the plant.

But... that does not include admin for the next 12-18 months. Nor exploration, not I believe pre-stripping costs to ensure that the ROM pad is full of processable ore (i.e DCN and GCY recently banked 3 months worth of ore to ensure they had no chance of lower production, which cost them a lot of up front capital).

Just exploration and admin would be $5-10m?
Pre-strip, harder to know. GCY are open pit and estimated approx $10m for 3 months of mining before the plant came online.

So my guess is they need $150m in total, plus another $10-15m to ensure they don't have to tap the market during commissioning, like so many developers have had to do.

I realise this post may come off a little negative, but just trying to be realistic.

If I was a hold, my preference would be to do a full 1:1 pro-rata to only current shareholders. Then... dilution is not really an issue. The $50m raised would almost be enough, with say, $90m in debt funding.