6c was really cheap when you put into context . The scale and...

6c was really cheap when you put into context . The scale and cost of BAT’s project is most comparable to SVM’s graphite project. It just raised $6.5m at a higher valuation than BAT but has only completed a scoping study, has no offtake, won’t complete a DFS for another year, has only one project and no exposure to other commodities (BAT has Balama and a 30% free carried interest in a promising zinc play) and has no IP in relation to downstream processing (though BAT’s involvement here is clearly worth nothing). Not to mention BAT was gifted with tenements next door to SYR, the nearology effect should have helped also (TON can pull this off despite going into administration)

Then there are others that have managed to pull off some better financing (GPX for example has sold down an interest in their project). If BAT were going to get in bed with a private Chinese group for offtake then they might as well have asked them to finance the project no??

Someone please tell me where I can collect $500k per year for this sort of underperformance. Hard to ignore the noise of 650m discounted shares and options