doesn't make sense

The BCN share price really puzzles me. The market cap (at 0.5 c SP) is the same as net cash (current + upcoming RMS payment). Which means the investment on CSD, the future income stream (which from my calculation is at about $7m current value, based on 100K ounce assumption) and remaining mining permits (on 300+ sq km?) are all free.

I would have bought more if I didn't hold it at the level of my limit on speculative shares, and the dubious management performance. But again, it doesn't make sense, why the SP is still so low. And why RMS would pay $4M cash for the mining permit when they can buy the whole company at roughly the same price, and don't have to pay future royalty, plus some additional tenement to explore. They can even flip the CSD shares to recoup some investment...

It's tempting, but I will stick to my rules...

DYOR

Snowfree