Heading towards all time high!, page-219

Looking at the BNL price chart it certainly has done well up about x15 in the last 18 months starting from I'm guessing a rather low market cap. Going forward I agree something tangible might be needed for further strong share market growth in particular drilling results meeting expectations. I am wary looking at what happened 2-3 months ago to HE1 Helium One listed on the UK stock market where drilling didn't meet expectations and it didn't have previous positive drill results or proven reserves, production etc.. to underpin its share price and hence had a dramatic price drop when drilling didn't meet expectations as I understand it.

This takes me to BNL who are comparing themselves to peers showing 8% helium when it appears the 8% is for land nearby and BNL is yet to drill? Also they are showing RLT - Renergen as having 3% - 12% helium concentrations when the average for RLT was about 3% and recent drills had results as low as about 1.7% etc.. Bear in mind per the Edison extract from a couple of years ago the highest helium concentrations in reserves by country was 0.35% in the US. RLT a new entrant having about 3% concentrations the result of a massive meteor strike. Hence hopefully BNL does end up proving 8% helium concentrations and 10+ bcf of helium and with results meeting expectations along the way. 8% is incredible on a global scale if it can be proven as the average concentrations.

Even though BNL lists RLT - Renergen amongst its peers RLT is not a helium pure play but also will go into production with LNG. If you consider BNL tripling in market cap from today it would then have a comparable market cap to RLT. Personally I prefer RLT given its max helium potential (10% chance) of its Virgina Project is about 371bcf of helium about x16 larger than all the BNL projects combined of about 23bcf of helium plus Renergen has reserves already proven and US Govt support and much further progressed towards imminent production etc. Then Renergen also has natural gas / LNG at a time when demand and prices are high at the moment.

Anyway my opinion only and I hope BNL performs well for its holders.