Ann: New PreFeasibility Study Underway on 1Mtpa Jambreiro Project, page-75

there is no way CTM will have enough cash to do a significant enough buy back to effectively reduce the SOI. they may do a consolidation in the future because they will need to do a cap raise to fund future projects (either building Jamb or itty or to progress drilling at SW). with this many SOI a cap raise becomes ineffective.

a consolidation and a cap raise are not good for current shareholders (but would present great opportunities for new blood to buy in). I believe management is trying their best to avoid doing either by really pushing for JV's. Hopefully we find out soon that a partner has come in for Jam and Itty gets fast tracked into production so they have enough cash to progress SW.

At the moment i am with Jimmy, time your buys and sells. Have a target and stick to it. but keep an eye open for opportunities. 1.5-2c looks nice.