South Woodie Woodie Manganese Project

BDC holds 7 Exploration leases and 1 Retention lease. The collection of leases are known as the South Woodie Woodie Manganese Project.

These are the leases originally held by Spitfire prior to the company changing management and turn its focus to gold.

The area is a known manganese region, with the currently closed Hancock Prospecting-owned Nicholas Downs mine
about 60km s/w of BDC's leases.

Below is 2 maps, the first showing a large new tenement application -E46/1387, lodged by BDC just 5 days ago.

Directly below the blue application land is a group of red coloured blocks. This area, which continues below the bottom of the screen shot, is the 8 current leases held by BDC subsidiaries. These leases host the Tally Ho, Contact and Contact North projects.

The second screen shot shows a recently applied for tenement - E46/1370 (blue colour) to the east of BDC's granted leases I mentioned above. The tenement was recently vended into Firefly Metals - FRB, which was spun out of FFR and listed just last week. FRB has increased from their .20 ipo price to around .55 in a few days.

FMG holds a swag of ground in the area to the west and south west of BDC's ground.

Pilbara Manganese which is part of Cons Min (which has been taken over by Chinese company TMI) owns plenty of ground to the north and north west as that's where the Woodie Woodie Manganese mine is.

Manganese is becoming a hot commodity and it looks like BDC have decided to act now and secure more land in the area as recently large swathes of ground has been applied for by a range of companies.

So I guess the question is : What do they plan to do with the South Woodie Woodie Manganese Project?

Are they applying for more ground just to land bank it? My opinion is no, otherwise they could've done that anytime in the last 4 years and held a huge ground position.

So that leaves 3 other likely possibilities.

1- Set the project up to sell outright. There is a jorc resource which puts it ahead of FRB, CWX and Black Canyon which has just applied for plenty of ground up there and struck a jv to explore the CWX leases once they list on the ASX later this year.

2- Undertake a jv similar to what CWX/ Black Canyon are doing

3- IPO South Woodie Woodie whilst manganese is hot. FRB closed their $5m raising in a matter of days, hence the steep rise in the sp on listing.

I favour #3 with an in-specie distribution to BDC shareholders, which is what FFR did with FRB. That's a great return on capital for FFR shareholders on a project that the market didn't rate at all as FFR is a gold explorer in another region of WA. This is the exact scenario as BDC is in. They hold a potentially valuable asset that most don't even know they have.

I am certainly encouraged to see BDC management doing something positive with their manganese assets. Until now they haven't shown any inclination that they consider them as anything other than a non-core legacy project they inherited when taking over the management of SPI, who themselves went away from manganese during the slump in price to try an ill-fated foray into limestone mining in Africa.

The fact BDC has applied for a large tenement adjoining their other 8 leases shows some intent. This is a very positive sign imo.