They way I see it is the share price hasn't even been punished yet for having no cash.
CTO is a conceptual mine. The 10 million ounces is inferred resource only.
Inferred resources are defined when there is INSUFFICENT data to confirm continuity of the resource.
They only have 330,000 ounces of probable ore reserves, which they have had for 4 years. Not one upgrade since.
As for the 50 million ounces, well that just an insult to our intelligence.
Tell me who will lend the company any money in this climate with only 330,000 oz probable ore resource?
Why are they reluctant to do a capital raising? Would it have anything to do with the fact management own 15% of the company?
I'm not sure where you come up with the $200 million in plant and equipment. It doesn't matter if they have invested that amount, it wouldn't be worth that in a fire sale.
They might have no debt but they have no cash also. What about working capital requirements? It costs money to ramp up, increase shifts, declines etc etc.
Don't you think the "wiser" heads would see if it were going to $1. The share price just doesn't jump there overnight.
They have a lot of work to do to gain some credibility.
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