Currently capped at just $22M Cokal have just sold 50% of their...

Currently capped at just $22M

Cokal have just sold 50% of their PCI project for $10M, or a valuation of $20M for the project

The PCI project is limited to just 2.5Mt over 5 years



The PCI project doesn't hinder the development of the BBM project, and the cashflow generated from it will go to part funding the development for BBM.

Considering the PCI is valued at $20M, what is the larger BBM project worth ? The previous DFS stated it had a minimum 10 year mine life, production capacity for 2Mt p.a. So they would be targeting 20Mt of HCC



At a minimum then, it should be worth 10 times the value of PCI project. That would value BBM at $200M, meaning Martino could raise the US$47M finance without major project dilution

Beacon is a major hedge fund with $3.5Bn under management, and they were happy to pay a $20M valuation for less than 10% of our resource. The bulk of the resource is the more valuable HCC, of which there is 10 times the amount.

Market cap of just $22M is crazy

The PCI project will net them $10-20Mp.a, the BBM project can produce 10 times that and at higher margins - they have confirmed they are currently in discussions to finance BBM

TBAR is adjacent to BBM and they had this to say about it:-



Peter Lynch told me many years ago he believed between BBM and TBAR they could have a 500Mt HCC resource and ramp up to 6Mtpa !

TBAR and BBM could both be worth 10 times the PCI project which just got farmed out at a $20M valuation ... and here we are capped at $22M !