Interesting indeed Jack about Morgans thoughts (although until I get a look at it I won't really be able to judge how much more they know than me- a humble retailer).
As you say GZ, the SP was most likely going to go lower with the recent capital raising. The problem right now for me, is that the raising is too small! Its barely going to allow CAS to keep drilling and producing at Posse for more than a quarter if we go by recent cash burn rates.
As for Juruena, I think that most realise CAS is looking at proving up a high grade resource and building a small plant, say 50-80k oz per year. As for Borborema... well.. I like many here will wait and see just what CAS will do with the project. Maybe the refinement of the project numbers look good, or CAS has hinted they might be a willing seller? (all speculation on my part).
With the international iron ore price still heading lower, even CAS is affected to some extent. I also now worry just how viable the wet ore project will be. Yep, I have become a lot less confident in CAS since the cap raising.
CAS has 3 valuable assets, BUT... with the chairman owning 20%, the company is not for sale. Also, hes happy to keep diluting because he has almost unlimited funds to ensure he keeps his 20%.
I cannot even understand how he can take up the $1 million mentioned in the placement. It would breach the 20% cap rule...? (especially if the retail component is not fully supported (which it obviously wont)
I think you have finally swung me into your camp GZ. sigh.
