Hi MAH1H2 excellent post many thanks.
I just wanted to emphasise on your post.
Key points in your post :
●Valuation: 700% upside to our risked NAV of A$0.18/sh| , In our base case, we use a helium price of US$550/mcf long-term flat and a 10% discount rate.
●Our risked NAV on a fully diluted basis is increased to A$0.18/sh from the higher resources at Voyager and rolling our model forward to 2024.
●A US$50/mcf increase in the helium price would increase our risked NAV by AS0.02/sh (+10%). At the end of Sept 23, BNL had A$2.5mm in cash and no debt.
●The leasing option with IACX avoids debt funding. BNL has mortgaged the Voyager mineral lease as collateral to secure the payments required to lAX meaning no cash is required.
●BNL has not signed any long-term offtake agreements and retains exposure to the strong helium short-term and spot market.
●Current spot pricing is substantially higher than typical long-term contract pricing.
Blue Star Helium | H&P Research"4" January 2024
My summary on your pretty accurate valuation :
* BNL'S..current share price should be $ 0.18 cents
Based on an average price of US$550/mcf Helium.
( based on existing long-term offtake agreements LOCKED in pricing at US$550/mcf to US$750/mcf )
* BNL does not need long-term offtake agreements,
Like Royal Helium has done to raise capital to build a + US$17M Helium PROCESSING PLANT at 10% and will also be diluting its shareholders position with Convertible Note attached.
* BNL has No Debt, and has mortgaged Voyager Prospect field for a Helium PSA MODULAR PROCESSING PLANT...How good is that ...lol
* BNL has deliberately Not Entered into any long-term offtake agreements , because there is a Very Big/ huge shortage of Helium and suppliers, that can supply 99.999 % helium .( which is currently selling for ,
US$3,000 to US$6,000/ mcf on the short-term spot market .
* So for every US$50/mcf increase above US$550 BNL gets for its 99.999 %Helium grade , BNL Share Price should increase by $0.02 cents .
* So using US$3,000/mcf scenario which is 49x 2cents + $0.18 cents = $1.18/ share for BNL'S Share Price.
* So using US$6,000/mcf = $2.36/ Share for BNL'S Share price
* Based on a New Hannam and Partners UPDATE valuation for BNL they would of been using the 400,000mcf/ day flow rates.
* If BNL achieves 500,000mcf to 1Mmcf/ day flow rates the BNL Share price should INCREASE Significantly higher.
* So BNL should have a Significantly higher upside than 700% to $0.18/ Share based on, My Scenario happening...lol
BNL is Massively UNDERVALUED...
I have been buying more BNL shares this week...lol
DYOR
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Hi MAH1H2 excellent post many thanks. I just wanted to emphasise...
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