Ann: KGP Delivers Another Strong Quarter, page-9

Hey BW.
With an E/V sitting around $1.7b.
I agree. CMM has deserved the premium it has received thus far and the Mt Gibson acquisition was about as savvy as they come.
I think CMM share price has been muted compared to its peers because, the move in the price of gold in AUD whilst nice, benefits those producers who costs are higher than CMM, because.... the margin for CMM does grow, but... peers like SLR, RMS, WGX etc have more ounces and... their cost of production are stabilizing, so to me it makes sense that these stocks have seen stronger gains, even though their mine lives are shorter.

The Mt Gibson project is moving along, but... the reality is, its going to take quite a while to get it into commercial production. This long period of infill drilling and building up their cash to be able to fund the build is somewhat of a 'treading water' phase, though I am not being negative, just trying to be realistic.

If POG in AUD declines rapidly, the CMM will hold up better conversely.

I still think CMM would like another project, but... they have shown no inkling of this.

For what it's worth, whilst I don't hold GOR, I feel on balance, its undervalued compared to CMM. Perhaps not by much, but...I guess that is for another discussion.

If CMM can get Mt Gibson into production and it hits 250k p.a, then potentially, CMM shareholders will see a maiden dividend in 2026?
Still a little way off.