Koolkat,With regard to BHP continuing their evaluation spend or...

Koolkat,
With regard to BHP continuing their evaluation spend or not we are merely speculating here on what may or may not happen to the SP. When I say "substantial" effect on the SP I mean that a fall of 30 to 35% back to the SPP of 7.4c would be substantial and in my opinion that is the risk to the downside. We don't have access to their drilling data (or at least I don't ) other than the very small set that's been released to date. I'm sure we are all keen for this program to continue as it would also serve to underline the prospectivity of the entire prospecting area under BRW licence and this, in turn, would have implications for FMR and Eloise.
By the way, BRW's 30% royalty from Eloise is on PROFITS !
The mine has been on care and maintenance for a couple of years and there will be costs relating to that which will have to be recovered first. Also mine reopenings tend to be quite costly and I would guess it will be quite a few months at the very least before we see ore or matte start to flow. PROFIT as opposed to positive cash flow may be some time in 2012 at best.