Ann: Exploration Update - Drilling Recommences, page-187

CNB was trading upwards of $150m Market cap before the announcement was released.

My view at the time was that scoping study (although good) didn't justify a valuation of 150m after weighing all risks and changing NPV discount rate to 8% instead of 7%.

Now that CNB had shred half of that market cap its starting to look attractive again. Same project, same scoping study, same risks and same copper outlook. Nothing changed, Just a lower price tag now. Any speculations of a deal could see this move, otherwise it could stabilise between 40c and 50c. Good luck folks.