woteva mate , a mate of mine held around 750,000 CTO shares six months ago. he also had had a long chat to management, an hour on the phone discussing various things.
Feeling comforted by this friendly upbeat chat he held on for a while longer until he ran into me. I asked him what gold stocks he was holding and his head dropped in shame as he confessed it was almost all CTO.
So we talked a bit about the issues of narrow reef mining, the poor regard for management blaa blaa. The only positve was that Towsey obviously was a capable guy who knew plenty about mining gold. The negatives are a page long.
he quit 500,000 shares at 15c a few weeks later thank god. Maybe you were the buyer !
Under 10,000 ounces per quarter this operation is barely breakeven at AUS1200 gold
The cash costs are only half the picture. the other half is that capitalised costs/lease commitments and admin/exploration run at $5million per quarter . So at 10,000 ounces per quarter( which is the best they will achieve view as I dont believe thay can bulk mine a 60cm reef grading 12ishgpt without serious dilution) then you add $500 an ounce to the quoted cash costs circa $500 and voila its costing them $1000 an ounce cashflow to stay in business at 10,000 ounces per quarter
Thus the 8.5c price as the market has twigged this is now simply a high risk leveraged play on the gold price
Better form elsewhere even at these prices.
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0.4¢ |
Change
-0.001(20.0%) |
Mkt cap ! $12M |
Open | High | Low | Value | Volume |
0.4¢ | 0.4¢ | 0.4¢ | $2.303K | 575.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 2625249 | 0.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.5¢ | 9091300 | 23 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
8 | 2625249 | 0.004 |
29 | 17365269 | 0.003 |
10 | 12478693 | 0.002 |
10 | 15702988 | 0.001 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.005 | 8818050 | 21 |
0.006 | 5580225 | 6 |
0.007 | 2263000 | 4 |
0.008 | 4372992 | 6 |
0.009 | 2370800 | 4 |
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