Current market cap is 63 m, 28.6m cash in the bank. Means that you can buy Perkoa and Mumbwa for 35m A$.
I guess the BTR stake in Perkoa is worth at least 35m or not? 35m sounds a little bit like a bargain to me if I know that Glencore has just put another 80m to finalize and enhance the operation.
Mumbwa therefore is for free. Not only that we have a ressource there, no....the whole stuff is for free.
Kitumba at a cut off of 0.5% contains 87.6m tonnes of ore at a 1.14 % grad = roughly and at current prices A$ 8 billion. Okay...usually you can value such an deposit with 0.6 to 1.2 % of its theoretical value. That rouhgly 48-96m A$.
I guess that Warren Buffet is right saying that if you want to make money you have to buy 1 dollar for 50 cents.
If nothing fishy comes out in the next days, then BTR in my view is a bargain. Speculative maybe, but at these levels from a rational not emotional point of view just to cheap.
Time will tell....
BTR Price at posting:
41.5¢ Sentiment: LT Buy Disclosure: Held
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