Ann: Drilling Update - Skuterud Cobalt Project Norway, page-132

BMT has a few more prospects than the one we're waiting on assays for, but it is still high risk - and undervalued imo. They have engaged Canaccord as corporate advisor, are cashed up, and were very recently oversold. So it could be a short to medium term thing, depending on the Skuterud assays, the magnetic survey on Gladhammar due soon, and the Lainejaur data. Personally I expect these current Skuterud assays to be average but economical, whereas Gladhammar potentially exceptional. IMHO, the trouble with these historical mines (like AOU) is that the rich zones of mineralization typically occur near the surface as secondary supergene deposits, and the deeper sections are more likely to be hypogene ore - so historical mining results and samples from waste dumps may be misleading. The gamble is whether or not the historical mining took all the best ore near the surface, and whether modern exploration techniques are able to find lodes overlooked in the past. This is why I think Gladhammar is prospective, the large license (note the website does not show the most recent pending license additions, see the quarterly) contains multiple long trends that have only been historically mined in a very small area. And good gold (>10g/t) was recently found there by another co (the exclusion within the tenement).

That's some of the upside. The downside is that the Skuterud assays were visually inspected by some hotcopper posters and found wanting. Assays could end up being terrible like AOU's latest, but there's not as far to fall, and BMT has a lot more going on (one could argue that a bad result is already priced in). Gladhammar and the other Scandinavian projects aren't as advanced as Skuterud, but there are things happening, like interpretation of historic data, reassaying of old drill core, and geophysical surveys.

There's an argument here for risk/upside/market cap. I wouldn't pour my whole bucket in though, not yet.

I think that's a fair summary of recent happenings, others can add or subtract? I didn't say much about Lainejaur or Tunaberg, or the Australian projects. DYOR as they say.