afr today, page-2

Back in the golden days of 2007 explorers with similar deposits were valued at upwards of $5 a tonne insitu and some at up to $15/t. Interestingly Fe prices were also similar to the likely post April position.

BRM is now in possession of 1 billion tonnes of 60%+ Fe product that costs roughly the same to produce as non-beneficiated DSO producers. The only variation is the capital costs, but over a 20 year+ mine life this difference in my view is incidental.

At $5/tonne in the ground, BRM would be worth $5 Billion , or close to $40/share! We have a long way to go for the full value of this announcement to be realised. Many brokers have been valuing BRM on the quantity of its DSO alone. Time to dust of those reports and add a zero to the valuation boys!