Ann: ACB: Wiluna Cobalt Nickel Project Farm-in & JV Interest, page-12

I always find it's a bit tricky to imagine that the SP for any company should be anything other than what it is.

Looks to me like the small volume sells in BLK have been motivated by performance uncertainty. The comments on page 37 of the annual report are reasonably blunt;

"As disclosed in the financial statements, the consolidated entity incurred a loss of $20,027,000 for the year ended 30 June 2018.As at that date, the consolidated entity had net current liabilities of $13,644,000. There would be inherent uncertaintiesregarding the Group's ability to continue as a going concern if the Group did not achieve its forecasted production quantities."

An interesting conditional detail in the $23M Lind funding agreement is that downstream of the initial $7.5M funds injection, BLK needs to maintain a minimum Market Cap of at least $80M before they can access further funds.

The second half of FY18 was quite good & there's a reasonable chance the SP will improve if BLK can reduce production costs & meet (or exceed) their forecasted gold production throughout FY19.