Ann: Positive Pre-Feasibility Study for Marillana, page-9

re: Ann: Positive Pre-Feasibility Study for M... Hi guys - still reviewing it but about what I expected. NPV numbers are good, and you need to look at the discount to NPV at the current EV levels to decide whether BRM looks like good value these prices. Current EV is about $70M so BRM is sitting at discount of 95% to NPV. I think most of the brokers were hopeful for an 80% discount to NPV, which could give us a SP of $2.20+. I'd say the rail uncertainty and delays to production are why she is continuing to sit at such big discount for now, but a capital payback of 5 to 6 years on the back of such a long mine life is very good.