micky,I agree with most of your points but your first point is...

micky,

I agree with most of your points but your first point is not exactly correct.
BCL have agreed to free carry BML to the completion of Bankable Feasibilty study which gives them the right to earn 70% of the project.
Therefore the 4 million dollars is irrelevant because they may end up spending many more millions on top of.
The initial 4 million dollars spent will give them a 40% interest in the project.
With the smelter located only 55km away I doubt very much that they will spend 4 million dollars and then walk away.
This will be a low cost mine in my opinion.
Load it on the back of a truck and one hours drive.
That's pretty convenient.
I do agree with your other points.
I am sure the penny will drop one day for those who are selling. Unfortunately they will no longer be in the story.

Cheers,