As things have turned for the worse with CYM recently I thought I'd revisit why I invested in CYM to begin with. This thread had some pretty good information on it so thought of going back over it again. CYM were drilling Nanadie Well & looked quite promising. Then the acquisition of Nifty from MLX entered the domain. So here are some of the major points why people invested with CYM, myself included.
At that stage in 2020 the acquisition of Nifty & Maroochydore looked like this below.
Move into 2022 after covid lockdown delays. Covid lockdowns created delays in drill assays, delaying resource estimates, delayed government approvals and ultimately the restart study. Restart study came in using Nov 2021's first MRE upgrade of total contained copper of 732.2Kt
The Nifty resource was again upgraded by 28.4% to 940,200t contained copper after the restart study. Total oxide MRE increased to 16.1Mt at 0.9% Cu for 144,300t of contained copper metal, up from 135.5Kt
So since Acquiring Nifty in March 2020 the CYM team have increased the Nifty mineral resource by (42.7%) 281,200t Cu contained copper with yet more to come with addition of Nifty East drill results. Nanadie Well polymetalic orebody has been defined with a Maiden MRE of 162,000t Cu along with Au, Ag, Co, Ni, Zn. Follow up drilling yet to increase orebody as still open down dip and along strike.
If you take out the cash in hand CYM raised recently the current market cap is barely higher than when CYM Acquired Nifty. After all that drilling and resource definition. Friday 7/10/2022 closing price of $0.068 with a MC of A$48.92m Approx $17.6m cash after CR would mean CYM currently valued around $30m.
Just Nuts
CYM Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
