Got to remember this is a company that has the 'printing presses' on its own shares running 24/7 and they will pay anyone in shares over handing over cash.. so trying to account for anything they release is a difficult job.
After announcing the greatest drilling results in BRM/YML corporate history, the BRM directors did not seek another 'independent' valuation. Seems Opthalmia is apparently worthless.
Back in August last year they released a flawed, but more accurate 'independent' valuation. I assessed it at the time (and it's on the Brockman Defender web page) if you wish to read more.
-----------------
it was completed back in early August when the $Au was $US1.06 -
- the valuation did not take account the circa $55M in cash that BRM had at the time - so you can add another 40c/share for that
- the valuation DID NOT include any value to any of the other 39 tenements (including the new coal ones) or the other Fe projects including:
- Duck Creek (50MT resource estimate of DSO) - West Hamersley - Mt Stuart - Opthlamia (now with some of the best drill results in the Pilbara) - Mt Florance
So you can add what you like here, but they would have to be worth at least 40c/share or more.
So if the valuation is of the range $515-$843M (as stated)
= $540M - $885M (on the fall of the $Au at the time of release)
+ 55M in cash at the time
+ $50M (at least) for other tenements (IOH just sold 50MT to MRL for $42M)
= $645M - $990M
or = $4.47 - $6.87 ----------------
BRM Price at posting:
$2.33 Sentiment: None Disclosure: Held
