Bannerman Poised to Break Out, page-501

@cobrakai1984
As you are a SH of BMN recheck what you have stated with what BMN is stating
XP, if BMN chooses XP over XT, will not occur for 4, 5, 6 years following base case (3.5mlbspa) production kicking off. Cash flow will play a part in financing XP if they go down that path
The CAPEX requirement for Etango is ~US$100m less than the CAPEX requirement for DYL's Tumas which is also looking to kick off with 3.5mlbspa
There will likely be a difference of less that 1 year between DYL kicking off Tumas and BMN kicking off Etango

You can take the view that XP for BMN is similar to Mulga for DYL in that each will add another 3.5mlbs taking it to ~7mlbspa
Mulga will not be starting 2 years after Tumas but IMO will be at least 3 years after Tumas kicks off
How much will CAPEX be for Mulga seeing as though DYL is revising DFS figures? Australia ain't Africa when it comes to costs + inflation since previous DFS
Further, DYL needs the Libs to come into power in WA otherwise it's a stranded asset on top of operating in two different countries with different jurisdictions. BMN is only in Namibia
The reason DYL's MC is double BMN's is due to the JB effect, DYL completing some large CR's (which ain't over yet), and having a larger resource base than BMN

IMO, BMN should be trading at ~70-75% of DYL's MC
Once the CR, debt and offtakes are in place (which I hope is all completed this year) I do think BMN will make up the difference to DYL
BM is a good operator just like JB