Ann: September 2016 Quarterly Report-BDR.AX, page-183

Thats simply not true. BDR has an EV currently of about $520m and annual guidance of 145-160k ounces.

You have SLR with annual guidance of 135-145k and an EV of $250m

You have RMS with probable annual production around the 120-130k mark and an EV of $180m.

All 3 of them are making similar FCF. To me that says currently you are paying $200m+ for the exploration play of BDR. I guarantee I could find cheaper exploration optionalities than that