The concerns you have are legitimate. The debt and hedge places...

The concerns you have are legitimate. The debt and hedge places CAI in an undercapitalised position relative to the assets it can develop.

The March 1/4 head grade was only 0.78g/t which reflects the ore milled was solely from Klondyke. In the June 1/4 that head grade should be around 1g/t with the inclusion of Blue Bar ore. If it turns out that way it will show the satellite deposit strategy has merit. If not... then I will be thinking more along your lines.

Blue Bar has about 18,000 oz of resource (12k indicated, 6k inferred https://announcements.asx.com.au/asxpdf/20231214/pdf/05yjyfg95321v2.pdf  ) which should provide ore to the end of the year, then Bulletin kicks in January 2025 and the production numbers should improve again (by my estimation head grade should be above 1.1g/t). There is some indication CAI will also include oxide ore from Nullagine.

Nullagine requires expansion of the mill capacity to process refractory ore. MOY did a half arsed job of it and NVO thought they had better things to do. The 1/4ly states CAI will begin construction of the sulphide flotation circuit in April next year with a timeline of 2 years to production by which time CAI will likely be debt free.

Of course things can go wrong, no argument there with me. First indication that things will go right will be the improvement in the head grade next 1/4ly statement.