Ann: Quarterly Cashflow Report, page-17

You need to take into consideration that CMM have the money to build a plant which is soon to be commissioned. The market is forward looking and can see CMM will soon be making money, rather than spending it.

BDC will get traction as they get closer to making a dollar. They are 18 months behind CMM and still need to find the funding, which is one of the largest hurdles ahead.

Also, BDC fed the market hope of a pipeline of announcements leading up to the bfs but failed to deliver. Each time they disappoint the market, more investors look for other companies to fill the void, and there is plenty of choices.

Some of the announcements regarding drilling have probably been delayed simply due to up to 4 months for results to return from the labs. BDC said they'd sorted out the hold ups but clearly they haven't.

I believe BDC to be relatively cheap in comparison to CMM, but Capricorn is trading at a premium because they've already cleared the many hurdles that still confront BDC.

It's the uncertainty ahead that's helping to constrain Bardoc, but that is also what gives it value now, providing they do actually make it into production.