large orders, page-2

G'day PAHH.
Looking at the 1 year line chart it is obvious that 16c needs to hold.
The pessimist in me says that CTO is in a well defined downward sloping triangle that I would expect to break down soon to heaven knows where. 10c at least I would think.
If this quarterly is not accepted well then that will probably be the trigger.
It is a huge disappointment that the promised number of ozs were not delivered as this has always been their credibility gap. That 2,500 oz target absolutely needed to be met for CTO to regain some credibility with longer term shareholders who have been so disappointed with broken production promises in the past. In my opinion that target could not be missed by even 1 oz.
The bull in me ( and there can be a lot of bull in me at times ) says that maybe the chart is forming a large cup with the price now at the bottom of the cup and from here it will rise to form the other side of the cup. That would be very bullish!!!
As stated in the quarterly, CTO now have many new shareholders and undoubtedly they will still have the stars in their eyes that longer term holders have had poked out.
The cash flow situation is certainly a worry as the way I read it, and I certainly would love to be corrected on this, then at the current cash burn rate it appears that they must be just about out of cash again taking into account a $9 million burn for the last quarter and only $3.8 million as cash on hand which would have been used up this month I would think.
Well I suppose all will be revealed, as they say in the classics.
I just hope that all those new shareholders have their cheque books ready as I would think they are about to enjoy the pleasures of a round of dilution.
The other thing in the report to catch my eye was the loan facilities amount available as zilch which is good to see as I was real nervous about the previous loan arrangement with the Dubai Group. We were never told what happened there but I am kind of glad that they are gone anyway.

Kind regards

Lockitt