Settle down Jimbo
Just because I’ve taken a far more conservative view on both short and medium term outcomes for CAI than those who believe the worst is behind them, doesn’t make me a troll.
My views (and guess what guys, that’s all it really is) are based upon the information released by the Company. I think their financial situation is quite dire.
Mark and some of the crew think I’ve been too harsh on the CAI geos regarding Resource Estimates and Mineral Reserves however, this actually sits at the heart of all their problems.
Some suggest the reconciliation issue (with respect to the DFS) has been rectified. This is manifestly untrue and will ultimately be what takes them down a dark path with regards to both the debt and hedge commitments.
If they had represented the MRE accurately to start with, the chances are that financing would not have been forthcoming right from the start.
All the noise regarding other stockpiles, Blue Spec, wheel and spoke analogies are just that, noise and distraction.
I don’t believe, based upon current performance and financials, that they have any chance of securing the required capital to exploit any of these opportunities, regardless of their merit.
Ive stated that I don’t think any of the above have merit but nonetheless, they couldn’t pay for it anyway.
This coming quarterly will be quite telling. Don’t forget McQuarie has the right to force them to the capital markets should they fall behind in minimum cash balance and debtors. That would be particularly destructive to the SP.
I think some of you should rethink your definition of Troll. I certainly don’t want anyone to lose money but perhaps some could be more realistic with regards to current performance and what that might mean for the share price?
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