From what I could work out, the grade wasnt anything close to forecast. NST didnt screw them over, they opted not to take the ore because it didn't grade high enough as per the contract.
It looked like CM1 spent millions on a big pre-strip before they hit ore. In reality, they could have done a smaller one over the high-grade end of the pit to fast-track cash-flow and reduce project risk.
Not the CM1 board also were experienced miners, and also continued exploration while they should have been focused on their operation. End of the day both contractors and shareholders got fully screwed over.
Ann: Trading Halt, page-111
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