A recent ASX announcement said they were planning to spend...

A recent ASX announcement said they were planning to spend approx A$1m to increase our iron ore resources to 1.2 bn tonnes. Spending A$1m to add 300m tonnes of iron ore resource sounds like a really smart way to be super value accretive when it comes to flushing out potential buyers for our company. It makes it massively more attractive to a potential buyer without costing us an arm and a leg.

In my comparison of our value (market cap) with that of BCK, I forgot that BCK has an additional business that probably generates revenue and profits that we don't have, so that might be another reason why their market cap. is a lot higher than ours. Nonetheless their airport bus service company is unlikely to generate enough profits to finance the development of their mine or to stop them having a cash burn overall (I haven't looked at their accounts yet) but I still suspect we are not fairly valued against them.