BAT Upside Comparisons with SYR and BSM, page-5

I've now added VRC into the comparison ( I overlooked it ). VRC are pursuing a novel funding approach, attempted to raise USD $40M raised on the Tanzania exchange but they are now looking at listing on the Mauritius exchange if they can't resolve the situation with the Tanzanian exchange regulator. They are also pursing a US institutional investor as an alternative. They have also arranged AUD $1.3M as a short term loan due to their low cash balance.



Back to BAT, maximum debt is perhaps in the ballpark of up to USD $39.5M ( to cover capex ). Here's where that sits with respect to EBITDA (if they can achieve stated levels of pricing and OPEX for production in 2020). Maybe with the delays in all the projects securing funding they can achieve a strong floor in their pricing?