Not sure what to make of this. Either a masterful move or just a spin on the roulette wheel.
Gerhard Redelinghuys, who seems to have a solid background in Qld coal companies, has thrown a bundle of money at a couple of roughies, this one and New Peak Metals (ASX:NPM) which has a market cap even smaller than Critical Minerals Group. About $200k for new scrip from New Peak and just shy of $800k on the open market on CMG for a 7.7% holding. Of course the Japanese big bopper, Idemitsu, dominates CMG's share registry holding 32% of issued stock.
GR has timed his purchase to be included in the entitlement being run in the next couple of weeks.
The MD showed a slide at the Noosa do the other week that indicated that the feasibility study will not be out until the first half of next year, with production not due earlier than 2028. A bit of a long timeline here, especially in this small cap depression we are currently in. They have put their hand up for a government grant so that might be the next piece of material news.
CMG Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
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