Still looking at this and I'm getting more interested. The issue...

Still looking at this and I'm getting more interested. The issue for me is the estimate of AUD (is it AUD or USD?) 10m to get Gubong operational again. Looking at the financial metrics I believe that SAU can find its share. But BMV is valued at about AUD10m at the moment so for them to stump up their 5m is going to be a real challenge

I could easily see a scenario where BMV can't find its 5m. What are the terms of the JV regarding this? Does it fall apart and get renegotiated or something else? Of course if SAU could find BMV's shortfall without a dilutive placing then that could be very nice for them, given BMV already having put in 0.5m and participated in a placing at a significant premium

Were I a SAU shareholder, that would be a very nice scenario (providing SAU can find BMV's shortfall). It would be a tough ask for BMV to raise that sort of money with an AUD10m market cap. Would need to be around 20m for it to work on AIM I think