Your financial analysis in your original post is accurate, when using the cost allowance assumptions that you did, for previously mined stockpile tonnage etc. That is fair enough for discussion purposes on this forum.
There is more audited company guidance still required to be released to allow me to accurately remove those assumptions for actual cost analysis, in my opinion.
Now as to why I divested and went to the bench. (You need to know that I always treat exploration or junior miners as high risk companies - so my tolerance of bullsh*t is very low)
Here are just few I am prepared to state here.
1. Management's apparent reluctance and failure to sell any dso and native copper prior to embarking on fully scaling up. As a result failing to test what markets CDU's product had and with whom, before committing to any off take agreements with supplier subsidiaries as it had become apparent etc - resulting, in my opinion, in the eventual loss of control of many aspects of the planning, construction and financing required to scale up to production.
2. Continuous off market deals at discounts (to market price) to suppliers resulting in faster share base dilution than organically normal, for example Management's failure to fully quantify the costings of bringing the mine to production leading to the deals with and eventual stock build up of the three major Chinese holders, to positions that made my position as a retail investor diluted to my risk threshold.
3. Management's continuous lack of full disclosure. delays and rubbery time lines resulting in me losing faith in their collective ability to manage this mine to full production and cause some form of corporate intervention by major holders putting my holding at risk.
Cheers,
WTF.
CDU Price at posting:
$1.24 Sentiment: Sell Disclosure: Not Held
