Only the board could - and they won't at this time in public.
Some background and thoughts from a long time follower of CVV.
CVV finished exploration drilling when there was enough of a resource to support a decades long operation supported by an old but reasonable scoping study (29/5/2019!) that has morphed into a drawn out PFS/BFS(?) process that is starting to become more of a reality.
The cost of drilling was weighed against any value it might add and decided that no further resource increments would be needed at the time. There is significant exploration potential in the belt but attempting to define that is better left until a 65,000 ton per annum Cu operation is up and running and well bedded down.
True orphan phase SP and low levels of announcements make CVV a very challenging long term investment.
Pros
Many boxes ticked in the PFS phase - resource, mett, water, power etc etc with some fine tuning still required
Location and good local governance.
Low strip ratio especially in early phases when higher grades may be mined
Not obvious, perhaps, but management are quietly confident they can get a mine over the line.
Ore sorting - initially planned for later may be introduced earlier
Links to EU for equipment and perhaps financing
Cons
Finance - Hint in today's announcement that the capex could be lowered but still the major hurdle IMO.
Low grade - countered by economies of scale by mining at 20-30 Mtpa and perhaps ore sorting.
Copper price - stability at or above current levels
Geopolitics and demand for copper - need for markets which applies to all companies in a very rapidly changing global environment.
Left field events - could impact everything we know depending on how severe they are - not in the realm of many to control once pandora's box lets something unexpected out. Covid was an example. Potus probably another.
============================= Putting out tenders? Implies the PFS has reached a positive conclusion and various long lead items are being priced.
Low cost until deals are signed. Then some real values can be assigned to these items.
Ordering requires cash and that will be measured in millions to hundreds of millions of dollars. Which comes from????
Offtake partner(s), JV, (EU??) loans, Not CVV share issue - drop in ocean probably. Other
============================ Project time line Standard for exploration Find something, drill it out, Studies to see if economic (commonly continue exploration for more), Increasingly more accurate studies SS-PFS-DFS/BFS leading up to a decision of whether IT is probably economic and will make enough money in the existing regulatory framework. Development mining and ongoing operation.
The documentation increases exponentially along this process and never ceases until full regulatory rehab of the old mine site is done. Even then ugly issues can rear their heads in terms of Environmental contamination .
The early exciting drill holes of discovery get buried deeper and deeper as the engineering and financial aspects become the dominant aspects of the studies.
What is meant by a project time line? Each phase generates its own requirements with a complex dance needed to produce...
CVV Price at posting:
16.5¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)