Ann: Quarterly Activities and Cashflow Report , page-17

Bullant was originally purchased to provide a bit of cash for the nickel exploration at Mid Continent and Snowbird. The MDs main career is in nickel. Mid Continent turned out to be a dud so far. Snowbird is yet to be drilled (need the ice) and may yet turn out to be KMC's biggest asset - depending on results back maybe March next year.

IMO, Bullant alone as yet does not justify anything approaching 8c ps. There are just too many unknowns. The Barrick deal was overhyped. $35m of debt?? Etc... Which makes it an overpriced punt - unless you're backing Snowbird (which may be a good bet).