Ann: 30 September 2017 Quarterly Report, page-3

What I pointed out in a previous posts has come to pass.

The issue is GEM has failed to lodge the mining proposal by 31 August 2016 and therefore has breached its buy-in. The legal document was lodged by BNR yesterday. By breaching their buy-in GEM forfeit their claim to the tenement and the buy-in lapses (better legal terms than this, but this is the gist).

The outcome of this could be:
a) BNR become 100% owner of the tenement with a 130,000 ozs gold discovery for the additional payment of $750,000 to Geko owners;
b) BNR negotiates some deal with GEM to take part ownership of the gold mine; or
c) something outside of these 2 scenarios ( but unlikely).

If a) then probably $18m margin. Remember there are processing plants in the Coolgardie area which alleviates the need to build a processing plant.
If b) depends upon negotiating skills of the BoD, but they did good job on Nicholson, so should still be good deal for BNR and thus we as shareholders.

Thank you BoD.