What would a buyer pay right now to own this project?
Market says 10M (EV is the real number = MC 13M - less 3M cash, no debt)
Lets put that in perspective.
So 10M to own a DFS backed and high certainty drilled project with NPV of 370M. Acknowledging all the possible negative factors (past present and future), this is crazy cheap. 10M - I have clients for whom this would just be their Sydney Northern Beaches holiday home. Compare the whole of the BML project versus a house on Palm Beach (actually not on the beach, just views, waterfront would be double BML).
Here is another comparison;
Yesterday, one of my companies did a JV sale/restructure of a side project, a total greenfield lithium prospect. At this stage it has absolutely nothing except potential. Long story short based on the most recently paid price, the project is valued at 15M. Undrilled grennfeilds project 15M v DFS ready BML 10M.
I have plenty of beaten up stocks but none to the point where I start wondering if me and a few mates/clients cant just buy this thing. Picked a few more at 7-7.1c today.
BML Price at posting:
6.9¢ Sentiment: Buy Disclosure: Held
