The time ( required to get the project out of the ground to...

The time ( required to get the project out of the ground to JORC) is what is the issue.

All the upfront payments to make, costs to develop - and the OB's are dead in the water. OC are now a looong shot.. Payments to Terrativa are huge also (relative to CTMs cap).

So MIN 2 years of outgoings, plus overheads (not cheap!) will see a CR by this Christmas. I'm guessing another .005c raise by the time it gets shafted down - and there will be hundreds of millions more options attached to that aswell.

What this deal showed me is CTM do not have the;
Management
Experience
Personnel
Inclination, Talent or
Confidence

To go from a .005c penny dreadful to a mid-cap explorer, not least when they had the best opportunity they ever will, in their hands.

Stick to counting beans Darren... Once they run out, you can just ask for more..