Lithium Spin Off, page-7

Hi @Country Writer,
Good idea for a separate thread. For what it's worth, i'll add my thoughts here.

The Manna Lithium discovery was first reported on 13/11/2018. From memory, it was discovered by a contractor who was scouting areas further afield than Bombora on behalf of the company. An initial five RC holes were drilled. The reported size of the area was 3.4km x 1km however, a further pegmatite outcrop was discovered 2kms to the ESE.

A large number of rock chip samples were also taken from the northern end of the area (my records show 26), that retuned results of up to 3.36%. 11 of these were above 1%, three of which were higher than 3%

In the table below I have ten drillhole assay results showing the highlights of each hole. From memory, four diamond holes were also drilled but I can’t seem to locate those results. They are referred to in the 2020 AR as being drilled in June of 2019. Rather than waste time, I found a picture (also attached) in the 2020 AR that does show the DDH's in relation to the RC holes and highlight results.

		Column 1	Column 2	Column 3
1	0	Hole Number	Hole Depth	Highlights
2	1	BMRC001	197m	3m @1.19% (55), 1m @1.34% (75), 5m @0.93% (80), 14m @1.03% (92), 1m @1.25 (143)
3	2	BMRC002	173m	3m @1.04% (26), 2m @1.08% (48), 9m @1.6% (97), 1m @1.29% (155)
4	3	BMRC003	222m	5m @1.69% (26), 3m @1.51% (83), 2m @1.35% (113), 3m @1.22% (129), 3m @1.3% (209)
5	4	BMRC004	149m	4m @0.79% (134)
6	5	BMRC005	90m	NSR
7	6	BMRC006	90m	NSR
8	7	BMRC007	90m	6m @0.78% (19), 1m @1.18% (28)
9	8	BMRC008	108m	4m @1.65% (82), 2m @1.16% (97)
10	9	BMRC009	198m	1m @1.31% (22), 17m @1.8% (36), 1m @1.41% (59), 2m @1.22% (76), 5m @1.13% (163), 7m @1.37% (172)
11	10	BMRC010	186m	2m @1.5% (93), 3m @1.43 (116)

View attachment 3396602

I’m unsure if any further drilling has been undertaken and I certainly don’t think any has been reported since the DDH’s.

In 2019 I attended one of the roadshows, in either Sydney or Melbourne, where I met Michael Outhwaite and we discussed the Manna project. At that time, either he or Tom, discussed some options: sell it; develop it themselves; JV; or spin it off.

Since the discovery, the rhetoric has been about not taking the main focus away from the gold, distracting may have been the word used? In any event, I think that spinning it off now, whilst Li is going off would:

• Allow the focus to remain on gold
• Unlock some value for shareholders
• Allow BRB to retain exposure to any upside.

I haven’t looked at IPO’s for a while now but the minimum offer price is 20c. Let’s say the offer wants to raise $16m that’s 80m shares to be issued if fully subscribed.

BRB currently has 325,840,929 shares on issue. I'm not sure that current holders would do any better than a 1:4 in-speccie distribution assuming this was to occur, so that would add another 81, 460, 232 to Manna Lithium Australia shares on issue (and I just checked ASX:MLA is available :) )

Assuming Michelle is not heading into semi retirement, the appointment of a joint company secretary may underscore some corporate activity as you have suggested.

Anyway, i picked up another 50k in the CSPA so that will be another 12,500 free MLA shares

I hope you are correct in what you have suggested above. BRB holders certainly need some luvving
Perdy