haha no crystal ball... just possible scenario's based on information we have from management
Looking at BCN past- Purchased Jaurdi Project (1 million + royalties) 2016/2017
- Resource exploration (CR 8million) and FS in 2017/2018
- Construction Jaurdi plant (18million debt + CR 7million) - 2018/2019
- Production started - 2019
- Repaid debt and cash flow positive - 2020 +
Since 2020 management have focused on organic growth of its ore reserves.
They have also tried to acquire similar prospects as the Jaurdi project, however all have been unsuccessful.
Last quarter they spent 1.5million (approx) on drilling, assume 6 million a year on resource drilling on current leases.
As drilling has progressed over past 18months only Panther, Big Cat, Black Cat seems to show any prospects into future reserves. BCN has 3 years LOM left, cash flow over coming years ranging from 25m - 35m (depending on PoG).
Logically - Spending 6 million on proven land would be smart idea. To me management and the crew are producers not explorers. What they have done in the past 4 years many companies only dream. Now we have the cash we can buy and expand our resources. Look at RMS and SLR they do similar, BCN is just alot smaller.
Back to speculationBARPhillips Find north of Jaurdi plant, however to me still exploring phase to increase overall JORC. Possible we can do a JV with them or purchase land if cheap. Note BAR only have 800k left so expect CR soon, however possible for BCN to help fund them?
FML I have had a quick review - they do have land in Coolgardie with proven JORC and FS completed. They appear more likely to fund and produce there current resources themselves (could be wrong) but I don't see this as an option.
HRZ
These guys seems to be the best possibility for a junior I can find on asx, however they have 17million in cash and appear to be progressing FS and expanding resource.
Teal Project
Large resource - previously mined. ML unknown
Kalpini project - Purchased for 2.75 million (cheap) on a granted mining licence.
I personally think management will be pushing for open resource over underground mining.
NST I might into their land later today, as I have noticed HRZ acquired some of there proven resources from them.
Private company could be the way they go as it tends to be cheaper.
DYOR - ALL SPECULATION ... I know nothing what management will do.
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