CMM gives Russell Delroy&Co 87 million property

CMM is biggest holder of Discovex (DCX), which has announced takeover of unlisted company Latitude 66 Cobalt.
Actually Latitude owners would takeover and get more than 70% of shares and will also use major part
of the exploration budget + will get CEO, chairman and 3 / 5 members of board
https://hotcopper.com.au/threads/ann-transformational-acquisition-gold-cobalt-development-project.7934120/
https://hotcopper.com.au/threads/ann-prospectus.7969998/

Value of the key asset of DCX, Greater Duchess of Carbaby/, has in situ value for DCX
free carried 17.5% currently 824 million
which would give value of 87 million for CMM share (10.6% of DCX, ref A)
References at the end

Latitude claims to have 650 000 oz Au + 5 860 tn Co resource to be soon mined.
https://hotcopper.com.au/threads/ann-prospectus.7969998/
problem is that it cannot be mined in the middle of travel district of Kuusamo,
which has already given one landplan against the mining project
and the mining tenements are in court..
https://hotcopper.com.au/threads/a-mine-into-the-great-barrier-reef-or-latitudes-kuusamo-mine.7941968/

Due to the problems with the city of Kuusamo, environmental and especially uranium problems
the mining case would be impossible.
Dragon Mining sold the tenements for 400 000 AUD to and investor group lead by Russell Delroy
and forming Latitude company. Delroy has orchestrated the takeover of as a board member of Latitude.

Capricorn (CMM) has announced that it votes for the DCX-Latitude deal
Russell Delroy appears to have used his power over Capricorn. The power is based on the operation to change
the board of CMM 2019. Delroy´s Nero Resource Fund has been active in CMM. CMM has promised to
vote for the DCX-Latitude deal, page 1
https://hotcopper.com.au/threads/ann-transformational-acquisition-gold-cobalt-development-project.7934120/l Considering Latitude´s assets, this looks stupid



Capricorn CEO Kim Massay has resigned from DCX board

see, page 25
https://hotcopper.com.au/threads/ann-transformational-acquisition-gold-cobalt-development-project.7934120/l

Russell is taking advantage of CMM apparently for his own benefit , which may get expensive
even for owners of Nero Resource Fund, if they would not also be in Latitude with Delroy


The resource of Greater Duchess 315 000 tn Cu Eqv (1) Copper 14 950 AUD / tn (2) = 4 709 million AUD

The value belonging to DCX 17.5 % '

17.5/100 * 4 709 million= 824 119 000 AUD

CMM owns 10,6% (3)
10,6/100 * 824 119 000 AUD = 87 356 614 AUD


25 cents/share (in situ, but lacking exploration potential and last results)

Number of shares (4) 3 302 568 098

Value per share:
824 119 000 / 3 302 568 098 = 0.25 AUD = 25 cents

1) https://hotcopper.com.au/threads/ann-maiden-mineral-resource-estimate-greater-duchess-cnb.7661680/

The estimate is from 27.11.2023
The exploration potential of Greter Duchess is several fold and DCX interest is free carried
so it is fair to calculate by in situ value

After that 7 % copper has been reported.
https://hotcopper.com.au/threads/ann-high-grade-discovery-4m-7-0-cu-update-cnb.7830637/
7% result and extension of Chalcus lode are not in the estimata
https://hotcopper.com.au/threads/ann-greater-duchess-chalcus-lode-extension-cnb.7705297/

2) Copper 14,95 AUD/kg = 14 950 AUD/ tn https://www.marketindex.com.au/copper

3) Number of DCX shares, see page 28 pre-consolidation https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTDYL4Q69yxb0v%2FN657FiGug%3D

Reference A; number of shares In DCX https://www.marketindex.com.au/asx/dcx