Ann: RRL: Market Update - Discussions With Capricorn Metals Ltd, page-26

Maybe Hawkes Point are thinking in a similar vein to CHN

There is a capital return of 0f 4 cents per share planned at CHN. The following reasons have been cited (selective quotations below), (emphasis mine)

Chalice’s Executive Chairman, Tim Goyder, said:  “Over the past number of years, a significant number of opportunities worldwide have been thoroughly reviewed on technical and commercial grounds, with the limited pool of quality opportunities and high degree of competition for those projects making the task challenging. The combination of a lack of quality opportunities appropriate for the Company’s financial capability and the promise of our current exploration portfolio has prompted a shift in focus towards our priority exploration stage projects”.


Chalice’s CEO, Alex Dorsch, added: “The proposed capital return marks a significant turning point for Chalice. While the decision to return surplus capital to shareholders is an acknowledgement of the difficulty in finding suitable quality assets in a highly competitive market place, it also highlights the significant exploration opportunities we have within our current portfolio. We strongly believe that a more compelling risk-reward proposition for shareholders exists in exploration stage projects.”

Maybe there are very limited economic projects in the pipeline in so called Tier 1 locations such as Australia & North America and the market has not realized that yet but Hawkes Point have?