the big picture, page-5

wow Barron01 - I'm pleased to see that we're astute investors rather being somewhat quixotic. It's good to hear that the majority of the market is wrong and we are on a good thing. In times when so many investors are looking for the next FMG and most have researched the iron ore sector, I'm astounded they've overlooked BRM. We've had heaps of presentations which show BRM as the cheapest stock on the market yet so few seem interested in throwing a few pennies our way. What is wrong with them? Even companies that don't have a 1 billion resource have a higher market cap than BRM.

From what I'm interpreting in your post - once the EGM approves the 32million shares to the new investors - these new investors will then start buying up additional shares at a premium to the $2.50, even though BRM in their wisdom thought that to bring in investors they had to sell them at a discount to what had been the SP. I'm not quite seeing the logic there. Actually, given the number of buyers that could be queued up to sell by the EGM, there's a good chance that these new investors will actually buy them at a discount to the placement price.

We haven't had Chinese investment in the placement which is fair enough - as they should be made to buy at market price. Given the last 2 placements I can see this being enforced. However, we know that Chinese investment won't be required, so it's not an issue. I'm just a bit miffed on why there are so many media reports on the number that have signed confidentiality agreements and for what reason?

I am a long term investor in BRM holding a not insignificant amount of shares, most of which I plan to keep until production. However, I'm not naive enough to even contemplate that BRM will be anywhere near the success story that is FMG. If the SP gets to $10 I'll be ecstatic, but I'm not seeing any love out there for this stock in order for it to get anywhere near the $10. There's a lot of emphasis on the detrital resource and the company has not managed to prove its worth, so I don't expect the pre-feasibility study next year to have any impact. Supposedly the 57mt CID has an NPV of $1 billion, which theoretically makes the SP quite a few dollars more than where it is now. I wonder why it's not moving up?

I don't know if WR is doing a good or bad job - I'll leave it until late 2009 to see if production gets underway as forecast to make that judgement. Though the next few months will determine if he's as switched on as we'd like to believe.

In summary, am I disillusioned with the placement or its price? No. Am I sceptical that the SP will increase to $4 or better still $10? You bet.