W1, using your basic calcs I would concur that BNU on its own necessitates a rerate, however, this will only happen when management start telling the story to the market with real numbers. The mind boggles as to why they are not spruiking the BNU numbers. BA will require another rerate and is a different story to tell. If you look up potential in the dictionary I am sure it reads TER. Unfortunately potential is cheap, facts are gold. So let's get a nice financial report and see some gold.
BA Mine Approval, page-56
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