Theoretical funding outcome from a partner process where they...

Theoretical funding outcome from a partner process where they commit USD30m for 30% of the project level, with balance of equity raised at 3c via ASX.

Risk adjusted SP for mod 1&2 is 9c based on current market pricing, 200% of entry price. As the cycle will shift, and inevitable pricing increases, 9c possibly becomes 17c on long term forecast pricing. This delta is what equity participants are looking at.

You'd expect the 3c to respond higher on any outcome that values the project at USD100m via partner process, improving the risk adjusted SP for mod1&2

Numbers still work....BKT would still be profitable in current cycle.....suspect "broker" are preparing to raise the lot with partner process coming to a close by Easter.