Max Capital was lead on this placement - it all went to very sticky holders, I tried and couldn't get an allocation. I believe Jason Bontempo was involved in putting this deal together. His name pops up twice in the original BMT top twenty holder list when it floated. Jason Bontempo is Executive Director of one of the better performing cobalt plays on the market - EQU.
Interestingly, when EQU announced the cobalt acquisition last Novemeber we saw stale holders sell into the pop. Canaccord were most of the buy volume, mopping up lots of stock in those first few days. Once the sellers were cleaned out, it ran higher on far less volume. Fully diluted, EQU's market cap is now circa $45mill (excluding heavily ITM options)
We can't see broker buy/sell volumes on BMT til T+3, but i know Euroz are buyers. At the current $10mill EV, there is very little downside imo. On the upside, if we were to see some good news flow i think we can move a lot higher because the free float is tiny.
There is some real garbage amongst this ASX Cobalt spec list - and all of them have a higher EV than BMT. Berkut Minerals may well turn out to be a genuine go-to cobalt play
Cobalt on the LME is on fire!
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