Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-26

I agree with this statement. Unfortunately people often choose to do that at the bottom too, when panic sets in - a mistake I've made before. My personal view is if I haven't sold before the fall, the lower risk option is to hold through it if I can. But I'm referring to a 'market-based' approach here, not specifically CNB (not giving any advice here).

Also thinking about how much strength we need to see in a rebound before the sentiment turns on CNB. Last December, when the sentiment turned, it was not driven by any 'fundamentals' or a single announcement. Rather it just turned on a dime, likely a big player choosing to start buying. It also coincided with the start of the copper price recovery - not major recovery, just the start. And on that note, the last week and a half the copper price has started a small uptrend - only gained ~3-4% in that time, but its a start.

I still hold the view that a non-retail entity has been putting pressure on the price (ever since the raise at $1.22 really). Not saying retail haven't sold too - but that this entity has taken advantage of the situation to depress the price at any opportunity. If so, it is their end game that I'm keen to understand. Are they going to start buying cheap shares? Will a takeover offer come in?

Also - at these prices there could be multiple entities eyeing CNB as a takeover target. Enterprise value is now somewhere around $80m. Anyone looking at the copper long game could probably take advantage of this situation, or at least try to (subject to shareholders whim). Speculation only of course, but I do wonder what happens in the board rooms of these larger mining groups.

Anyway enough musings for one day.

Cheers,
Dingo.