At a 1 % cut off one might possilby compare BTR to Cudeco, Hot...

At a 1 % cut off one might possilby compare BTR to Cudeco, Hot Chilli, Avanco, Sandfire,
Tiger, Hillgrove and Finders.

Name Mt Grade contained CU kt.
Cudeco 272 0.40% 1,149
Hot Chili 165 0.70% 1,103
Avanco 68 1.40% 965
Sandfire 22 4.40% 963
BTR 39 2.20% 851
Tiger 42 1.90% 807
Hillgrove 31 0.90% 287
Finders 13 1.70% 229


Market cap:

Sandfire: A$ 920m
Cudeco: A$ 460m
Tiger: A$ 246m
Hot Chilli: A$ 118m
Hillgrove: A$ 104m
Finders: A$ 91m
Avanco: A$ 81m
BTR: A$ 35m

Taking into account that BTR has roughly A$ 20m in cash in the bank and in addition Perkoa is producing Zink, Silver, Lead (even if not everything is 100% transparent and we do not exactly know what cash flow Perkoa is delivering) I would think that overall BTR is rather undervalued.

I would guess that optimized PFS should (if outcome is materially positive) put BTR value in the right context.