After years of unprofitable production, here's perhaps some...

After years of unprofitable production, here's perhaps some conclusions, we can logically reach ;

1. if the gold pods were spaced much closer together - let's say at 1/4 of the distance, then this could have possibly become profitable years ago ?

2. Scale and ramp up will unfortunately not bring the gold pods any closer together.
So the Development costs are what they are and logically will remain (too) high.

3. Everything being equal, this could possibly approach break even at a production rate of around 100,000 oz/annum - but isn't the whole point of the exercise to make a profit and not just break even?

4. until CTO can get to 100,000 oz/annum (if it ever does) there will be a lot more capital raisings and placements and share dilution as a result.
So the share price logically only has one direction to go.

5. There are some profitable small gold miners out there and it only took them a year or two to become profitable.

The problem with CTO may be that the gold is just spaced too far apart - the mining (cash) costs may be ok once you get there - but the cost to tunnel your way to those sparsely spaced pods,i.e. the Development Costs to get to them and mine them (the pods), is just too great.