... and there's the rub.
CMM definitely overplayed their hand; building expectations that something significant was potentially going to be announced by placing a trading halt on the Company.
Given that 41% of these additional resources came from changing an assumption (lifting their assumed gold price from A$1,600 to A$1,750 for an additional 109k oz) it doesn't look good. It could be speculated that it is a marginal or optionality play based on this.
IMO, for a company such as RRL to be interested taking CMM over and building a mine they would want something like +2m oz in resources (that would reduce down to c. 8-900k oz in reserves) as a minimum to take this to production, if then.
I'm not saying that they may not achieve this in the fullness of time but this announcement wasn't a home run trading halt type of announcement.
For example, another explorer I own just increased their estimated resources by c. 78k oz with one drill hole (analysis done by a subscription based economic geologist).
Cheers
John
... and there's the rub. CMM definitely overplayed their hand;...
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Last
$6.43 |
Change
0.010(0.16%) |
Mkt cap ! $2.397B | |||
| Open | High | Low | Value | Volume |
| $6.43 | $6.55 | $6.42 | $531.6K | 82.04K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 205 | $6.43 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.44 | 2986 | 24 |
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| Last trade - 12.40pm 04/12/2024 (20 minute delay) ? |
| CMM (ASX) Chart |
