Just quickly;Current SOI = 730,000,000 Performance rights =...

Just quickly;

Current SOI = 730,000,000
Performance rights = 58,000,000
Add this raise in = 227,272,727
Add options = 227,272,727 (these won't be converted anytime soon, so lets say 0)
Convertible note = 101,000,000
additional options attached with convertible note = 20,300,000 (exercisable at $0.355 so unlikely to dilute, lets say 0)

Fully diluted = 1.1bill shares

Given the post-tax cash flow (as provided by a restart study that is now almost a year old and costs have increased significantly more than the similar price of copper) is $443mill over the 6.3 years of the mine, its roughly $70mill p.a. free cash flow.

Shame for CYM investors, but the convertible note won't be issued at current value and the company will have to pay MetalsX the full $36mill + interest when 30 June 2025 comes around, likely bankrupting the company if they're not in full production by then. Now that MLX doesn't hold any shares in CYM, they won't want to re-negotiate the initial convertible note and force CYM to pay in out in two years time.

Once debt and interest is paid off, convertible notes paid down, capex costs, rehab costs and closure costs, there will be about $100mill over the life of the mine hit the bank account of CYM. Or about 9c of value at the diluted EPS.

Given the payables on hand, I'd expect the company is now in a cash position of about $20-22mill right now, with cash burn still at $6mill per quarter they've likely got 3 quarters left. Massive overhang at 15c with the options will absolutely crush sentiment and anytime the share price gets anywhere near the 15c mark it'll get sold down.


I'd urge people to have a look into the Nifty project before it was in the hands of MetalsX.



Safe to say Baz is a little behind schedule.