2023 Discussion, page-25

Very basic thinking on my behalf here (I apologise in advance).

If Star Diamonds was the target, looks interesting.

Capex to get the thing up and running I heard somewhere about CAD$1.2b?? That could be very wrong.

But if correct and they issued shares at 30c to raise capital, approx 360m new shares. Taking the total SOI to around 700m.

To be honest, 700m for a sizeable producing asset with a mine like 40years+(?) isn't all that bad.

And that's assuming they have 100% of the project. If Star retain 25%, then BDM's capex commitments less.

The only sticking point is how long it would take for feasibility, mine build etc. I'd assume at least 2 years? (guessing)

Plus I saw in previous Rio funded report on the deposit, pre strip activities was estimated at 4 years... again whether I have that correct or not.

Anyway, if I'm way off the mark I'm sorry. But technically based on capital structure etc, doesn't look over the top imo