Orlando,
whilst I am a big fan of BRM your comments
"UMC has a much bigger market cap. They dont have a JORC. Their grades look similar or slightly worse."
UMC have far superior grades at Railway then BRM. It is early days yet and admittedly we are 12 months behind BRM but their grades are over 60% out of the ground and you can potentially add 1-1.5% to that due to wet drilling sampling.
Jocelyn are similar or slightly better also. Plus UMC have bauxite jv with top 10 aluminium company in the world
BRM are definitely undervalued compared to their peers I agree and should be closer to $2 but felt the need to correct the grades issue you have highlighted.
Happy to discuss it further...
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