I am studying the developers and later stage explorers as part of my work. KIN have two advantages over BRB;
1. A Probable Reserve although small - and due to the PFS done August 2019 where they concluded that they needed higher grade ore. Their LOM was short and production less than 55koz PA over the first 5 years. Nothing to write home about and yet their MCap is currently $82.3M while cash is $7.3M less Q1 2022 spending.
EV is currently circa $4M cash from $82.3M so $78.3M by the end of March.
2. Leonora is a proven field whereas the BRB ground is perhaps not as central or known - not that I see any of this as a major issue. Their current Resource is
1.28Moz @ 1.27g/t.
BRB have significant cash reserves with GL1 shares worth circa $16M at present and escrow ends in less than 4 weeks. They do not have to sell all the stake at once. Cash was nearly $11M without this cash and cash burn takes that down to circa $7M at the end of March. EV is therefore currently $74.9M - $7M = $67.9M and only $51M if you deduct the share value of GL1 shares shortly eligible for sale.
Compare the KIN project metrics to BRB's 1.684Moz Au @ 1.6g/t
or better still a mining study calculated 688koz OP @ 1.9g/t + 501koz Au UG @ 3.6g/t. BRB has this in one deposit and is circling a CIL plant with far better economies of scale at 2.5Mt PA. Compare the JORC Resource growth on P4 of their last presentation and and you can see a trend that will push the next upgrade over 2Moz Au at far higher grades than KIN could dream of up at Leonora. BRB held off their PFS as they will progress straight through the mining study process to BFS IMO.
BRB have a cracker project that looks stalled in regard to ROC to shareholders but that will shortly change.Smaller gold companies have been smacked around since August 2020 and our (gone) seller pushed our price below a critical support as he (or she) offloaded a very large parcel. Here is a chart update showing the pain experienced by shareholders. Key support was broken at the lower black fan line (part of my system) and then it acted as resistance. Price is at Fib support (green arrow). The 200dma is at 25c. The huge seller must be proud of the damage done at the red arrows. A break of the black fan line will be significant and current support shows the large buyer is on the money at these levels.
BRB has little downside risk and massive upside potential.
All my analysis and opinion so DYOR and good luck to all holders or potential holders.
CW
you are doing a hell of a promotion and sound more engaged and convinced then Tom, thats for sure...
