Interesting one this, and I've mixed views off only 45mins read...

Interesting one this, and I've mixed views off only 45mins read on the way home

• $84m market cap - I appreciate many of you (and the previous CR holders) have been here at a 33% premium to today's share price (and I respectfully nod my condolences). But $84m is still quite the price tag for the copper in the ground - I need to understand how much value is pinned against the existing Cannidah JORC vs the expected growth vs the arguably more interesting potential for new high grade areas there vs potential at Picadilly / Percy
• What's the strategy.... are the management the sort of guys with a view to take this through to production, or are they after the M&A carrot. They certainly talk a lot about the bigger boys not having enough mine-ready assets. But then... which copper explorer doesn't mention that
• Funding - absolutely guarantee a CR coming as they have max 1/2 quarter funding left, and with the diamond holes they will have put down they'll have spent a few pennies this quarter. I think this is the single key inhibitor of returning towards the 20c area
• Cornerstone investor - really great asset unless they want to sell. So to me, it's more about what's their objective for the project. My assumption is they'd like to be acquired
• Then to the geology - @eastwest101 is the man for that, my tools are flat and blunt in comparison. Since your insightful views at the start of this thread we've had the pXRF for hole 19, whose results are..... ok. The necessity on these would be to have higher gold grades to give that area and depth the viability to increase the JORC value.
• Again, on the geology side, I'd love to learn more about their belief vs hope in the reality of a larger system at Cannindah East. Hole 21 in progress and who knows what's beneath there
• Director buying $100k on market in late-teens.... very compelling
  

Let's be frank - CR is surely required by August otherwise the coffers run out, unless the cash at the last quarterly is for some reason expected to burn at a significantly smaller rate (can't see that with the diamond drilling and assays to pay for).

So in my opinion and based on a CR by late July, there are a couple of catalysts that need to occur in order to raise the price from which to raise more capital:

• Stonking visuals on Hole 21 (could come in June)
• Just as great pXRF on Hole 21 (could come in June)
• Awesome gold in Hole 19 (late June / early July)

I remain on the sidelines before more reading, but it warrants more reading