"For a minnow just off the blocks, "FS total costs of $99m on a...

"For a minnow just off the blocks, "FS total costs of $99m on a $127M revenue and a few million in establishment costs", still amounts to quite a reasonable war-chest."

What do you suppose the toll treating margin on the first 100,000 tonnes is? If it's $20/t, there's $2 million down just off the first 100,000 tonnes. No news on the other 1.5Mt - but if that was even $10/t above FS numbers, you've already lost half of the FS free cash.

CM1 is mining without knowing where it's sending the ore. This seems absolutely ludicrous to me - have you ever heard of this scenario ending well? They've backed themselves into a terrible bargaining position with mill owners.

"And isn't it a tad mischievous to suggest the Company has no money? It's barely had time to spend what it raised in the float."

Net of fees they've raised around $3.8m. At May 31 they had $2.1 million in liabilities and no cash. They had spent another $2.1 (in cash) in the seven months before that. We're 4 months down the road, so at that burn rate they would have spent another $1.2 million, and that's before any surprises relating the IPO or extra staffing/expenses to start mining, etc. So, an approximate best case cash position as we sit today (assuming they have paid off their creditors) is circa $500,000.

I hope I'm missing something glaring here, because I see a company that might have insufficient cash to pay even one month of mining costs if there is a delay (e.g., in finding where the next 100,000 tonnes get processed). They might have good ground to explore - and I agree it looks like they do - but how are they going to afford to do it?