The mineral sands deposits so far are only 1.8% HM in 3...

The mineral sands deposits so far are only 1.8% HM in 3 locations. Not likely to be economic grade. IMA and SFX have good deposits with 6% HM.

My biggest gripe is BPL management appear to have no idea. No clear picture on mineral sands, no clear picture about how they are going to help get the Thackaringa project online, no clear picture about testing or extracting precious metals,  a circus around disputes and just terrible strategy in general..

Fact is BPL got greedy with the farm-in and tried to turn the screws on COB, but couldn't see 2 moves ahead. Ie: if the farm in was terminated, they were liable for their share of the JV.

Now here they are, low on cash, smashed investor confidence and a diving SP. Even if they rates to take this to court, how far would corporate lawyers take you for a few hundred thousand dollars? (not far).

Yes BPL have the 2% smelter, but the way they are acting, they are failing to see 2 moves ahead again - ie, 2% of nothing is nothing.

IMO, they are heading towards losing their JV%. If COB pulls off a strategic partner in the project, it should be happy days for BPL. But even if this does happen, I see this management wasting the smelter royalty, living it up and passing the tab onto their shareholders.