BMG never raised off the back of the acquisition and were hamstrung on executing the option agreement which required a $1m cash payment upfront and a deferred $1m payment.
They dropped the ball IMO. The land package is large enough to contain something of significance, plus you're buying a call option over WA1 should they recieve a take over offer. All the other stocks with holdings in the West Arunta are trading at a lot higher valuations from where this is at.
Ann: Reinstatement to Official Quotation, page-7
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