You're probably correct. This is an undeveloped miner through....

You're probably correct. This is an undeveloped miner through. If they had purchased a pre-existing mine and were producing then yes, despite being more conservative I would agree with what you said.

However, they won't be hauling rock until Q1 2019. I'll admit I don't have a huge amount of capital tied up in BAT, however, I'm not waiting a year or so to start seeing returns.

Project payback period will also affect SP in the short term as well. Least if they miss a return milestone or extraction quotas are missed in the first months of operation (which always happens lol).

Good luck, I would love to see this share at 20c, however from my own personal experience in juniors as an advisory and investor I do not see this happening for at least two years. I hope I'm wrong and best of luck holders!