gloom and doom and brm, page-10

Too true

The EV on 5/3/08 was $295m and the EV today $303m. Certainly a lot has happened between those two dates:
1. We have 50% more resources
2. 1.4Bt of measured or indicated resource
3. An NPV of >$1.6b
4. A PFS complete
5. A DFS underway
6. NWOIA formed and granted berths
7. Discussions re rail presumably advanced
8. Phase 1-5 detrital work very encouraging

A lot has happened in that time, I would suggest more than the 2.3% increase in the EV between those dates.

imo, we are at the start of a substantial re-rating and then the period of consolidation will commence again. not looking to sell any time soon, so a measured increase is all good. I am looking for operational progress with this company, and once that happens the SP will look after itself. Only rider is that the SP needs to look after itself prior to the next tranche of funding being raised! BRM needs to stay in control of this project!

One final point to leave you with. AGO has an EV of circa $650m, or a BRM SP of $5.48 (including 67c of cash), and to borrow one of Mozart's terms, we would still only be valued at 40c / tonne in situ!