Thanks kindly for sharing this vid update.
Finance processes at this end of the junior market are always convoluted and delays are par for the course. This isn't a surprise to seasoned investors.
The main thing, as most astute investors here know, is an accurate assessment of a company's ability to access capital in order to execute their business strategy. Those who have invested their hard-earned here and held on have assessed management (and the project) as having the ability to access capital. Those who have sat on the sidelines and taken potshots have assessed both the project & management as being unable to access capital. Only one side will ultimately be proven correct. And I think most of us know which side that will be.
In-ground values, NPV numbers, etc are all good & fine, but it
is the ability to obtain capital that determines which projects get up from those that will remain a pipe-dream.Sunk capital advantages (existing mine, plant, infrastructure) are just massive at this end of the market because they significantly reduce the amount of capex needed. I've banged this dream ad nauseam, but to repeat it once again. Specs/juniors, with no balance sheet, & capped around A$100m are not going to be able to raise $500m, $1 billion, multiple billions. It just isn't happening - not on the debt side, not on the equity side and not together. If a project is an absolute cracker, a major/s would have already scooped it up. The rest are left to sell the dream to punters. And even in the event that a junior is able to partner up, they will have to sell down so much equity in the project that there will be no cream left for holders.
Cyprium's modest restart capex was ALWAYS the key to this project (obv in addition to the copper price & competent management with runs on the board).
Bring on the end of February and even better - March/April - when we will hit the ground running on our way to plating copper cathode on site (obviating the need to sell concentrate & attract smelter payabilities) & for a sweet premium in early 2024.
p.s. Slammer - The copper gods idea of a sick joke (but great opp) capping this beauty at circa A$100m with all the catalysts to come.
(20min delay)