According to the corporate presentation released yesterday, they plan to provide an update on the Little Eva development in Q3 of this year (clock's ticking). As far as I can tell, it looks like they want to increase proven reserves at the Canadian mine before securing financing for Little Eva. So far they have outperformed their Canadian copper peers since the merger, the problem has been that copper in general was the wrong horse to bet on so far this year! Im hopeful for a full recovery and a return to strong copper prices. I still think this is a great place to capitalize on that story, but the Trump man might be more stubborn than some of us hope for.
Alot of the criticism assumes that the company is being very irrational. Why would they dilute the company by almost $70 million, just to secure $30 million in cash? Im pretty sure management isnt as stupid as some of you fret about. Anyone who owned Altona must agree that the company made an astute investment here and I would expect them to do everything they can to reap a reward (especially with over 2.5 million in insider buying and no insider selling in the last 12 months).
Cheers,
C6C Price at posting:
$1.18 Sentiment: Hold Disclosure: Held
