Don't forget the $7.3m in cash giving this a sub $20m EV, which is more relevant. Pretty good value here despite some short term SP fluctuations.
That nice cash balance should see us right through to the final investment decision to become a developer.
Also, while Argonaut haven't updated their broker report (despite getting lead manager on the last CR), they did have BEM as one of their top picks for undeveloped projects across the WHOLE MARKET. This comes out in December each year, so it's latest available. Typically, this basket of companies have outperformed the comparable index.
BEM Price at posting:
9.5¢ Sentiment: None Disclosure: Held
