I looked into them and won't be investing. CYM is my biggest holding and my favorite stock. And I'm in the red along with anyone else who invested this year. Unbelievable entry atm. I think fully diluted is about 137 market cap atm..
Ar1 can't leach sulphide material and are only chasing oxide deposits.
In heap leach operations, oxide you need to use sulphuric acid, which is a substantial expense. If you can leach sulphide material effectively you can turn the Sulphur from the copper sulphide into being acid producing. Generates its own sulphuric acid.
what got me interested was they are both copper cathode producers. So I've read the prospectus of AR1 and not that impressed.
interesting to note both Darren Holmes from AR1 and Barry Cahill both were employed at Finders resources who produced copper cathode in Indonesia. Barry cahill was the MD of Finders, and is MD for CYM.
Half of the money raised by AR1 will be to repay a loan which isn't really encouraging, as well as the fact they have been losing money as you say.
CYM need 50m that will be raised without anymore dilution and have much bigger aspirations. Will be producing at the end of 22, full production Jan 23.
BFS on Nifty due any day now.
AR1 Price at posting:
1.2¢ Sentiment: None Disclosure: Not Held
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