CTO doesn't have to dilute to raise capital for its next mine. With production increasing at Warrior, the 40,000 oz/year target looks achievable, and even at A$470/oz production costs should nett A$500 oz free cash flow, or $20 million a year. This would self-fund Sunburst over one to two years. Interesting that the Directors considered a dividend in the Half Year report even though they elected not to pay one at this time.
panic and fear, page-23
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