Interesting development over the past month. BRZ has gone from a...

Interesting development over the past month. BRZ has gone from a 25% discount to a 30% premium relative to LPI. Implied Maricunga valuation is now over $100m and climbing. Whilst the volumes aren’t huge it’s encouraging.

With LPI looking to potentially unbundle its WA exploration assets and become a clean holding shell the implied Maricunga valuation within the company relative to BRZ should revert towards par. There is some selling resistance at 33c, hopefully LPI rises to narrow the discount to BRZ. Maricunga Parity = 34c