Nice one Yarramundi,It's good to see a post with some positive...

Nice one Yarramundi,

It's good to see a post with some positive content.

With Proven and Probable reserves of 1.05 billion tonnes that are not likely to just evaportate, a sound financial position of $53 million as at 30 June and a port allocation of 18.5 million tonnes per annum, I don't see the overall picture being as negative as some would suggest.

I note that the plans for further drilling of the West Pilbara prospective targets is still in place, so that's reassuring.

'The Company has, since the board changes, commenced a strategic review of all aspects of the Company's operations.' (See Chairman's Letter on Page 3). While this is a perfectly understandable step for a new team, it will take time, during which you would expect no new statements to be made. Couple that with the current absence of a permanent CEO to replace WR and you can see why the market has increased the perceived risk factor associated with Marillana. However, the fundamental story of BRM and it's resource holdings has not changed.

While it's extremely frustrating to see the share price continuing to drift lower and wallow around current levels, it's also understandable given the market's general aversion to any form of risk over the last few months and probably for the next few as well.

I can't beleive that Wah Nam, having fought so hard to gain its current position (by fair means or foul), is not going to ensure Marillana is brought to production as quickly as possible. '..Brockman has an allocation of 18.5 million tonnes per annum export capacity through Port Hedland. We aim to rapidly achieve full utilisation of this allocation..' (See Chairman's Letter on Page 3).

All the bot trading over the last few months and the persistent attempts to force smaller holders out of the picture, either through triggering stop losses and or just through general frustration, tell me that Wah Nam places great value on BRM and wants the largest possible slice for itself. That tells me that they are bent on making this a convincing success. As Yarramundi says '..l'm sure Ross Norgard does not want to see his shares that were worth in excess of $50 million last month be turned into a pittance in the ensuing months.'

I for one am prepared to give the new Board a chance to complete their review of operations, construct a new or revised project schedule with updated milestones then prove their commitment and their ability to deliver. Everything goes in cycles, so I believe the share price will go up again to reach and surpass previous highs - just don't ask me when. We still have some major positive annoucenments ahead:

- Rail (sooner or later - it's inevitable)
- Announcement of a new CEO
- Annoucenment of a new or revised Marillana Project schedule
- Completion of the NWI Group's DFS for Port Hedland's South West Creek berthing facility.

Finally;
* I don't see BRM going broke.
* I don't see Wah Nam being able to acquire the 90% of BRM shares that would lead to their compulsory acquisition of the remainder.
* I don't see Wah Nam being able to change BRM from a public to a private company and delisting it (and I have not seen anything to suggest that they want to).
* I don't see Wah Nam being able to get the 75% of shares and 50% of shareholders required at a vote to merge BRM with another entity.

Call me dumb if you like, but it makes no sense to me for someone to go to all the trouble and expense of acquiring BRM without ensuring it is a successful and profitable miner as the final outcome.

Regards,
Bones