Ann: Carnaby Successfully Completes A$20M Placement, page-244

I don't believe Oz would have needed any more information than what has been announced publicly to make a decision on their investment. At this stage $5 million for a company with a market cap of 8.5 billion whose closing cash at the end of 2021 was $215 million is not big biccies. During the last quarter they made investments of $226 million in their own brownfields projects. $5 million for OZL is a purple lady in the wallet. A piglet. A fiver.

When they throw down two blue swimmers, a red lobster and a pineapple chaser to go with it the share price will really start to move. I for one hope they have to do that on market and then we will see some action. My investment here was made when CNB announced the visuals on the chalcopyrite before the grade was known. I saw everything I needed to in one hole at the share price it was trading. Oz would have seen everything they needed to from the spectacular intercepts at Lady Fanny and Nil Desperandum to squeeze out a fiver and make the queen blink from the bright light of day.

If Oz start dropping two jolly green giants as they have investing in their own operations in the last quarter then their risk starts to come closer to the risk many of those on this thread have potentially laid out. It's all relative.

If this was in the OZL stable and most thankfully it is not it would represent based on the holes we have seen so far a better value location for expansion than anything they have in their existing portfolio. The Carnaby resources will convert to open pit reserves in all likelihood at higher grades and closer to surface than anything in the Oz pipeline. The West Musgrave Grade is very low. Carajas East looks good but there isn't a large amount. Carrapateena and Prominent Hill would be harder assets to expand than multiple high grade ore sources close to surface which can be inferred from drilling results to date at Duchess, Desperandum and Lady Fanny. Don't worry about the rain. We can still drill at Fanny if it's wet.
Go the Carney's.