I think management need to think about this project before spending any more of our money. Either dump it or negotiate a larger ownership if they believe it will prove up a larger resource.
We've spent $1.5m on scoping study phase (see point 1 below), and about to spend $3.5m on a PFS ONLY to end up with 50% by DFS!!! Thats a lot of money for a tiny project: 0.88 Mt SOP @ 3,466 mg/L K
1. Stage 1 - BCI earned 30% interest by sole funding the $1.5M Scoping Study Phase
2. Stage 2 - BCI can elect to earn a further 10% interest by sole funding a further $3.5M Pre-Feasibility Study Phase
3. Stage 3 - BCI can elect to earn a further 10% interest by sole-funding a further $5.5M Feasibility Study Phase
4. By end of the Feasibility Study the CJV would have an ownership of 50% KLL and 50% BCI
BCI Price at posting:
14.0¢ Sentiment: None Disclosure: Held
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