Too cheap at $40m for 20% Manna in my view. That equates to...

Too cheap at $40m for 20% Manna in my view. That equates to $200m for 100% or $160m for GL1's 80%. GL1 market cap is $525m of which Manna probably represents $260m of that - so equates to implied $65m for the balance.

Then there is the upside of developing Manna that BRB would be giving up.

I would be pitching for at least $65m for 20% plus the 2 x $10m payments plus a royalty.

Let's see what transpires, but we could see BRB with >$100m cash in bank plus its gold project and Ularring. Thats got to be a minimum $200m market cap.

Speculation only until we see what the deal is, but I think we are heading in the right direction.