Ann: Calidus Secures $20M to Fund Growth Projects, page-31

Picking the right horses to back is extremely important. The jockey matters as much as the horse and some horses do better when the going is soft whilst others like it firm. It is not a flat race, so there are fallers. However, unlike horse racing, they only need to finish for investors to win and investors can take profits whilst the race is ongoing.

CAI has proved it can jump the obstacles. The going has become softer, which is not the best for nearly everyone in the race. It has a great jockey - maybe he shows off a bit too much for some (speaking of which we should see a Mining Maven or similar video of him sometime soon explaining all this). If you add the value of the Gold sold and in hand but not yet cash in the bank at 30 Jun to the Quarterly cash flow (receipts from customers - nil) then instead of A$18,136,000 it is nearer A$38m, ie cash flow positive in the first quarter of production.

CAI is a safe horse to back, which is why at a time when quite a few companies have turned to the market for cash, CAI got all it asked for at the price it asked for. ALK got A$3m of the $4m it was prepared to put in (above the minimum it needed to hold its position) would need to do the maths properly, but I expect ALK is at about 10% now.

Whether it comes out ahead of CMM in your race remains to be seen, and I certainly don't wish any ill on CMM. Ultimately though I'm not bothered as CAI is making up the ground it has promised us it would.