Ann: Appointment of Chief Financial Officer, page-24

The manganese leases held by SPI before they morphed into BDC may yet be a valuable asset.

Two other companies I hold have recently decided to monetise their formerly out of favour ground close to Bardoc's already jorced manganese deposit.

CWX has in the last 3 months announced a jv with an unlisted company whereby Black Canyon will list on the ASX and expend $4m on the leases to earn a 75% holding.

In the screenshot above, CWX's jv ground is shown in brown. Bardoc's manganese leases sit between the West Oakover and Oakover East tenements.

It may pay BDC holders to trawl through MIN's announcement about Nicholas Downs Manganese Mine which was opened with great fanfare, then about 2 years later quietly closed amid a plummeting manganese price.

Manganese is now included as a battery metal and has found favour along with other metals such as copper, nickel, vanadium, cobalt etc.

The screen shot below shows the company's Gobal Resources and was taken from the last Annual Report.


The other company I hold in the area is FFR (formerly a dog named Marindi), which is spinning out Firefly Metals ($5.5m raising closed early and oversubscribed) as a manganese focussed company.

Maybe BDC will jv the ground or maybe in-specie a new entity out to shareholders at some point as FFR are in the process of doing.

There is absolutely no market recognition in BDC for these leases, in fact it wouldn't surprise me if many of the BDC holders even have any idea before buying in that we hold these leases as they aren't the main game.