My take on the lack of share price action - ps it's more...

My take on the lack of share price action - ps it's more Calima specific than market. our peers have lousy figures vs market cap, while our numbers are great.

I think management need to

Pitch to Canadian investors more. Our market is stale and oil and gas peers here are nearly non existent. Value is hard for us to measure

Put out NPV10 figures on assets to address questions raised by others
Commit more strongly to a clear sustainable dividend plan
Time capex to operating profit better - yes I know they went in early for rig availability and lower cost, but market doesn't like working capital volatility
Keep a bigger buffer of cash / debt capacity on balance sheet

From a commercial perspective they absolutely nailed the capex strategy to ramp up growth when they did, but from an analysts point of view, they over spent. I think they must try to limit capex cash spend to a fraction of operating cash flows, even on a quarterly basis, especially when debt is at limit and no reserve capital in the bank.

Most people won't do the sums we are doing to see the value. They look at op cash flow net of capex and see 0 net cash flow dec quarter, and will be same for March quarter and June quarter. Optically it looks boring, despite debt going 30m to 0m, and capex of $35-40m funded

I'd rather see capex spends somewhat better aligned even if it means slight cost increases or delays. Volatility in numbers is bad especially at this market cap end.

Hopefully in a couple of weeks we will see some good quality analyst coverage from Cannaccord post the raise. It should show a massive upside on the share price and get eyeballs from a different set of investors to existing audiences.

Maybe the brokers can help sort out some of the work above and management can sort out the other things.