Conti should no longer be valued on a fully diluted basis given...

Conti should no longer be valued on a fully diluted basis given that the oppies will clearly not be in the money come 13th Feb next year.

The company today has already flagged that production from Penumbra will not commence till September, but based on the company's previous timelines this would be more likely November/December.

Having not drawn down from ABSA suggests that the requirements haven't been met in full and that the big ticket items (continuous miners etc) orders may be still yet to be processed.

Based on today's report it would seem that Penumbra's development is no longer ahead of schedule.

The DWK optimisation completion date is also an unknown and given the BFS was completed some 6 months ago they would surely have some idea on which option they were going to pursue.

The failure to move ahead in a timely manner on both these projects unfortunately gives no assurance that the oppies have a chance of being exercised.