Ann: Tick Hill Gold Project PFS Results and Maiden Ore Reserve, page-41

There's a HUGE difference between ADN and CNB! ADN is a good stock, but has a long way to go.

CNB is going into production is three months with negligible capital requirement (~$300k). "The capital costs have been estimated by Carnaby management based on actual operating experience in the Mount Isa region and have been independently verified by mining contractors with operational experience in the region."

It's a simple operation, run by experts (ex-Beadell Resources founding team), which grew from a $15M IPO to a peak market capitalisation of ~$800M and prior to that, Agincourt Resources Ltd, which grew rapidly before being acquired by Oxiana for approximately ~$450M. These guys know what there doing and they have LOADS on skin in the game, so not after it for the lucrative paycheck.

The share price is disappointing today...

But, the Aussie gold price is still $2460 and net pre-tax cash flows of approximately $21.7M at an assumed gold price of A$2,300 per ounce. The company has an exceptionally low EV and will make money above a gold price of A$1,493 per ounce.