News: CTM Centaurus Metals Seeks Trading Halt, page-45

As someone may once have said, the only certainties in life are taxes, death and capital raises.

It would definitely be good to get the iron ore project in a JV with some cash up front. I'm sure that's what management was hoping for. For whatever reason it hasn't happened yet and the Salobo licence hasn't come through yet either. Both these events would have put a rocket under the SP and meant any CR that was necessary could have been done at a far higher price.

So we face another CR. Unfortunate, but a fact of life in this niche. In my view the dilution effect of capital raises is vastly overstated. It’s not as though we’re giving millions of shares away for nothing to some no-good directors. We are actually getting valuable money for them. Slight dilution admittedly as they’re at a discount. But this raise will give us another $1.6 million in the bank and I’m sure it’ll be used wisely (unlike some other companies I’ve been involved with). From what I have seen we have a pretty astute and fast-working management team and we have lots of positives that we should not lose sight of:

--- Itapitanga, already JV’d, this will bring in a very considerable stream of money once into production

--- Salobo, no fault of management that they’ve had to go the long way round to get this permit and there’s little they can do to speed up the process. They just have to wait till the authorities are ready. As and when it does come through at least we’ll have the money we need for further exploration and drilling.

--- Jambreiro, management give every impression they are working hard to get this JV’d asap. This will add another income stream to Itapitanga once into production – which shouldn’t take long - and will hopefully deliver a fat wad of money up front.

--- Management has already shown that they can pick winners, so maybe more coming up in the future.

Lots of positives here, but the biggest positive of all is our management team. They’re doing what they have to do to build this company – even if it takes time to see the rewards.