The likelihood of CYM going into VA is fairly small. The...

The likelihood of CYM going into VA is fairly small.

The announcement on 6 Feb A$35M Placement to Support Nifty Project Restart said “Placement bookbuild received significant demand from numerous new and existing high quality domestic and offshore institutions”. I assume that must include the top 20 holders who currently hold 45.72% of SOI. They will likely continue to support CYM and keep the lights on during the tightening cycle (hopefully near the end).

The announcement on 23 Feb Nifty Copper Project Restart Financing Update suggested that a CR would go ahead but just “will not complete in the current form” as announced on 6 Feb. Unfortunately, I imagine the new form of CR will be even more dilutionary to retail holders.