proposed $16.5m capital raise, page-30

AS
1. Market cap now is $15m - fact.
2. Nobody knows what market cap post CR will be - sp then x 320m shares.
3. I said approaching $1. In 12 months time if they are doing 50k oz pa run rate and have done more drilling, they may also have significantly expanded JORC as well. Do you assume zero exploration success?
4.. Operating margin = $1000 based on gold 1700-1750 and (stated by CGT) expected operating costs 700-750 (obviously yet to be proven). There will be other costs.
5. Mine life is low at the moment because of lack of JORC.

What do you think CGT will be worth with cash injection?
I take it close to nothing because of the risks?

There's downside and upside as there is with any stock.
You can't seem take your focus off risks -which is fair enough but you are probably better investing in Term Deposits - spread across several banks - than small gold stocks. If you take any small gold stock and assume no exploration success, failure to meet revenue targets, etc it'll be overvalued.

$15m for all the hard assets, know-how and, most importantly, opportunity that CGT has is far too cheap now that cash shortage is covered by the CR.