Recent 59 Minute Interview With Fabian Baker - Worth Watching, page-3

yes, great interview ...you get the feeling it's not going be if but when KRM discover something large enough for BHP to throw major capital to take to pre-DFS..

BHP's $20mill this year to look for targets on permits that are non-core to KRM Geo work
The goal is to uncover a massive sulfide signature.

Next year exploration drill-ready targets with BHP funding ...in the earn-in phase where targets that BHP like will have to fund another A$56mill per target to secure 75% control .... each target (he's hoping KRM guys find more than one target of BHP scale)

Fabian - confident in "Penikat" in becoming 5MOz to 10MOz High-grade PGM discovery
like "Rana" Ni/Cu/Co these projects are 100% KRMs (Maybe BHP might be keen in time?)

so this is what makes me want to continue to add to my position ...

KRM closing value is A$37mill

they have least A$26mill in cash so that gives us an E/V of $11mill

Now if you believe in the Penikat PGM very high-grade discovery using peer low-grade PGM discoveries Mktcaps that E/V is fair value for Penikat at present

So then Zero value for RANA ....

Zero value for the $20mill of BHP funds this year to uncover drill targets

Zero value for upside of GEO work uncovering large targets

...Zero forward value for BHP $56mill per target to take to 75%