I completely forgot about the 10%discount.....makes it more like a 38% paper profit based on a 35.5c close
Going by page 8 of the BYE investor presentation today it appears that in a Biv Peak success case we would have cashflow starting right at the point of commencing drilling SM74. Might explain why management felt that they could spend the extra $1m. On the flipside, it also allows for an extra couple of repayments to occur prior to drilling.
BYE shares are worth what they were at 30 June 2018 - so we are still trading below asset value....without attributing anything to Biv Peak, SM74 and the cooper blocks.....amazing.
MEL Price at posting:
6.4¢ Sentiment: Buy Disclosure: Held
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