I agree with JJ that you have provided a short but articulate summary of where BUX currently stands.
Just for background, I entered BUX 5/6 years ago as my speccie, considering their ground around Nova, but left for greener pastures because of a combination of slow progress/ and identifying another with better potential. But it stayed on my watch list and have recently reinvested after the release of dd2 at copper wolf.
The interesting point you have raised is what IGO will do wrt BUX, especially when one considers the current market cap of around 40 odd mill.
Whilst the graphite project may or may not become a money spinner, i have no interest in it, as for dogleg etall, it looks to be an interesting intercept (find out more come tuesday), but at 16% holding I think the best to hope for is a future mining project where that is converted to a nsr.
And that really leaves Copper Wolf (apart from some greenfield plays). And this is where I think things get interesting.
I find it strange that the market hasn't shown more interest in BUX since the release of DD2. DD1 came back with a grade of .86% Cu equiv. DD2 drilled adjacent has 620m of vertical strike, which by the logs looks to be an equivalent grade, if not slightly higher with the strong moly grades at depth. Proof will only come from the lab and with follow up drilling to prove up more resources.
These numbers may seem a little obscure, but if one has the time, I suggest to do a little research into the Red Chriss deposit in Canada. Newcrest bought a 70% stake in this mine 3 odd years ago for over 1 bill Aus$. Its initial JORC was 1 bill ton at @.41g/t Au and .38% CU, which works out at approx .8% Cu. Similar grades, but can the tonnage be sured up, that's the 64000 dollar question. It is a porphyry though, and you wouldn't expect to drill through 600m without some length and breadth context.
So my real concern is not the fact there may be a capital raise in the near future, but rather IGO moves on BUX before the true value of BUX's stake in Copper Wolf can be realised. Thinking CW alone is potentially worth a market cap of 2/3 x current.
Just thought Id like to share my rambling thoughts on Bux as not much is posted on this little roughie.
