Interesting. The resource looks good being high grade with 75%...

Interesting. The resource looks good being high grade with 75% lump ratio. Just the location makes it very sensitive to IO and diesel prices. You say the diesel is subsidised, so Brazil have a Diesel rebate system like here in Australia? Do you know the rate it's rebated?

Scanning through the prospectus, next steps for them seem to be:
- drill the resource out to reserve classification
- convert their exploration licence to a mining licence early 2021
- acquire a port lease

If I'm reading it right, raising the oversubscribed amount, gives them SOI of 1,861 m shares, so a MC of $46.5m @ the raise price of 2.5c. Not bargain territory, but depends on the project costings which I couldn't see in the prospectus.