proposed $16.5m capital raise, page-28

AS, you say "infrastructure and sunk costs mean nothing". That's going a bit far. They mean an enormous amount but alone do not guarantee financial success. I could give you dozens of examples of people who have bought developed mine assets on the cheap to make a fortune out of them. The question is: what is CGT worth now? At only 10c ps it is worth $15m.
Their plan stated in the docs just released is to be producing at run rate of 50k oz pa by this time next year. At $1000/oz operating margin that's going to make them worth approaching $1 ps in 12 months time, if achieved. You say no certainty. No, of course not. That's why shares only at 10c now. If people were highly confident in the forecast results over next 12 months, the shares would already be much higher now. My view is especially at sub-20c prices the upside is much greater than the downside. Share price crashed because people were worried about CR - it becomes a vicious spiral: if they go down, they go down more because of CR worries. 10c is utterly oversold once CR locked in. Expect a nice bounce when they resume trading. Where will they be in 12 months? Could they be lower? - definitely. But if they make targets, patient holders will be rewarded with a 5-10 bagger. This is the kind of risk I like taking.