Target 3-6 cents high grade production going up, page-68

This does not fit. Morningstar has a Gekko gravity plant which was installed in 2010 for $2.5M and rated at 80,000 tpa. Morningstar reports that about 80% of the gold reports via a gravity circuit.

A1 needs capacity of 150,000 - 200,000 tpa with only about 50% of gold reporting to a gravity circuit.

IMHO CTL is already scoping for a second process plant. Plant costs will be covered by halting the shipment of 120,000 tonnes per year of 6.29 g.t Au to Maldon at a cost of 120,000 x $50t = $6.0M per year !!!

CTL has free cash flow of +$4.0M per quarter to invest in mine upgrades, drilling, new plant or acquisition. The current valuation of 1.5 cents is a total mismatch to the true value of the business.

IMHO a near term target remains at 3-6 cents BUT at +12 months it looks more like +10 cents per share and is dependent on continuation of excellent management and drilling success.