Ann: Tick Hill Gold Project PFS Results and Maiden Ore Reserve, page-45

A couple of considerations here.

1. $1493 AISC is at the higher end relative to other Australian miners. CNB with an ore reserve of 28,000 doesn't have the scale to absorb unexpected costs without it materially impacting margins. You have to accept that investors will price in some risk for this. I don't want to draw comparisons to other miners, but sometimes you can have unexpected blowouts to AISC and lower than expected grade once you start pulling the stuff out of the ground. Not saying that will be the case, but this is a reasonable risk investors should account for
2. Some other posters have asked what will be done with the free cash flow? Good question, more detail required. I'm not across all aspects of this company by any stretch. You can raise $20m+ free cash flow in a year, then what you do with it return value to shareholders is the critical question. If it goes up in smoke due to failed exploration and drilling campaigns or whatever, then what? Again, not syaing this is going to occur. It's just another risk that needs to be accounted for.

What is promising is the low capex and the timeframe to realise free cash flow. Not without its risks, though.

I am not a holder, but watching closely.

GLTA