Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

Hi Legman,
CMM has a pretty unique board compared to most of its peers. So, further acquisitions could indeed be on the cards, though, for what it's worth, I think they have made a great purchase, that will enable them to build a second project, which does not add any further operation risk (i.e. they did not buy a producing asset) and as such, won't be buying anything else, except for perhaps more acreage near to either of its 2 projects (more likely around the new asset, as Karlawinda is pretty much on its own, with few deposits nearby of note.

cheers @Grubble - good pickup. The extra $6m does indeed provide more breathing room.
@SoWoEverLike - agree with you, a small raising tied with the acquisition would have made the most sense.
As you say, CMM has propelled itself above all the single mine producers by locking in a second project, which can be relatively fast tracked, if the infill drilling proves the deposits do indeed hold the MRE currently booked. Though of course, CMM will want to prove up even more ounces.

I have been surprised by the lack of deals by the likes of RMS/SLR/GOR in picking up something similar to what CMM has done. PNR sort of did something similar, but... their small U/G mine and their acquisition, will still only see them producing perhaps 80-90k p.a (from two separate plants).

What I have really learned from CMMs board and project is what the key ingredients for the best assets are..... open pit. low strip and great board.
Everything else is just noise. Hence, CMM have basically brought a sister project.