is this the bargain phosphate stock on asx, page-8

Correct me if I am wrong Z, but I recall that:

* BON is only in the very preliminary field work. the current sampling program only aims at collecting surface grabs.

* UCL as gravity core sample >10m. They are sparse but imo it better defines this type of marine deposit.

I don't think we have to deal with a complex geology here, such as faults or the like which would lead to large errors in inferred resources estimations if miss interpreted. Rather, we have a long history of smooth depostion of organic sediment driven by local oceanographyic conditions (upwelling).

What is best for dredging/screening operations : -20cm low grade or +2m high grade phosphate? Imo, knowing the thickness of the deposit is way more important than knowing how wide spread it is (we know it is wide spread already).

Note that the northern region where BON has been granted EPL recently is on historical maps as well, but no thickness is available.

* BON has more money but they have more work to get to where UCL is.

For that I think UCL has definitely a competitive advantage, backed up by historical work on their granted licences.

Cheers