I've held this for a while now. Looked the goods when gold was...

I've held this for a while now. Looked the goods when gold was up over USD1800 but struggled to obtain financing back in 2011.

Cash and liquids should read to be $2m ($0.8m cash + PNR investment $1.2m) as we can expect the proceeds from borrowings to be exhausted as it ramps up to production.

We can effectively say we have a 24% interest in the project holding 17m (4.4%) PNR shares.

$11.5m free cash over 4.5 years at AUD1400 gold is not a bad outcome considering the EV of BNR is $2m.

Plenty of upside coming from:

1. Depreciating AUD/USD given expected interest rate cuts = upside in AUD gold whilst maintaining AISC of $960 AUD/Oz
2. Extension of resources and reserves are considered to be high as Nicholsons is open in all directions

Also a very tightly held register - top 20 hold 68% which hurts liquidity but would allow it to run hard on any resource upgrades/gold appreciation.