Knew there must be some around somewhere......And here is one of...

Knew there must be some around somewhere......

And here is one of them.....https://www.bciminerals.com.au/investors/research_reports.html

PAC Partners Initiation of Coverage.

Still reading through it, but like this last paragraph - says it all to me.......

INVESTMENT VIEW
To date, the value of the Mardie salt project does not appear to have been factored into the valueof BCI. BCI’s last reported cash balance (June 2020) was $41.5m. With a market cap of $78m, ithas an EV of just $36m. Our un-risked NPV of BCI is $1005m, highlighting very significant upsidepotential.

In our opinion, securing the environmental approvals in the predicted time frame appears likely,further de-risking the project. Perhaps there is the element of a known capital raise and still somedoubt on whether project proceeds due to its size and not yet fully approved.

Relative to pure play SOP companies, BCI looks materially undervalued. By our estimates it istrading at 28.1x NPV/EV, versus peers shown in Figure 25 trading between 2.2x - 8.5x (i.e.between 3–12x more expensive). Mardie appears to have considerable advantages over the SOPcompanies in terms of the size of its project and location. The short-term opportunity is that theNPV/EV equation at BCI moves in line with SOP peers, which could lead to rapid share priceappreciation.

A recent comparison of what can occur at BCI’s stage of progress is American Pacific Borates(ABR), which released its DFS on the 17th December 2020. The current share price of ABR isnow double what it was when the DFS was released. ABR’s Fort Cady project is set to produceBorate and SOP as the secondary product.

As Mardie moves towards FID over the next 9 months, BCI should be materially re-rated. We seea short-term share price upside as the value of the Mardie project gets recognised, making BCIone of the stand out investment prospects of a soft commodity exposed company.

BCI should also appeal to value investors, who generally invest in undervalued companies with agood long-term outlook. Either way, BCI looks to have investment appeal to investors looking fora quick return due to upcoming catalysts and those wanting long term value.