Dear YummiYes, you're right. The deal is not yet reflected in...

Dear Yummi

Yes, you're right. The deal is not yet reflected in the SP. Cash and shares would be worth around 10m. This means that the market capitalisation should be at least this amount higher. At least theoretically.

We can make a lot of assumptions. The fact is that no one is buying on a large scale and from time to time someone says goodbye with 1m shares and sends the SP on a downward spiral.

An opportunity for the "believers" to accumulate. Also theoretical. Only a few will probably have the courage to do so.

I think the SP should rise a little when the CNB deal is completely in the bag - i.e. the cash is booked in HMX's bank account. In addition, the scoping study could have an impact on the CNB side - directly through the 9.1m shares we hold (price gain) and/or indirectly through the proximity to the projects.

The discovery of an IOCG in Shadow South would be a game changer. We should keep an eye on Hardway and....last but not least.... possible new JVs (in whatever context). I remain an optimistic realist.