Ann: Warrawoona achieves record production rates in February, page-29

I’m a GCY holder and in all honesty mate you are not understanding the problem they had.

What people are comparing to is the start up of the mill were the grade didn’t match and the metrics changed at the start of the milling about 3 years ago, similar to what has happened here at CAI.

With everything that happened last year, rain, POG, Covid, staffing issues etc, this took a toll on every gold miner especially in WA.

The new BOD of GCY made a hard decision, but in my opinion the best one, to keep the company from going into administration again, the bonus this time was that they found a very high grade ore body, next to the plant and are now able to prove up that resource and start mixing the high grade with the low to keep the 2.5Mt mill fed properly when they recommence production. The bonus here is GCY are debt free and got rid of the NRW contract, which was bleeding them dry, that the previous BOD negotiated when times were tough.

I believe and as I have said before, CAI will get back on track, but they are certainly pushing the boundaries, and as I have mentioned before balls of steel are needed here to put your money in as it is with GCY. I believe in both companies and have and will be putting my money into both.

If CAI can’t get their grade up or costs down and POG stagnates, we are in for a bit of pain, similar to what GCY have gone through. If Felix was found a lot earlier and was able to be included into the mine plan it would be a different story also, but even if it does get proved up, it will require $$$ that CAI currently do not have ATM, so a restructure may be on the cards, and with current economic climate it will mean cheap shares to the big boys and pain for retail.

All IMHO but as long as we continue improving, as we are doing, I believe we won’t head down the GCY path. The GCY board at the time was not the right fit when they went into administration, but I believe they are now as I believe DR is for CAI.

Time will tell what happens and as I’ve mentioned before, if by the 3rd quarter we are still in this hole, we will be in trouble.

GLTAH
DYOR