I just realised hidden in this qtrly is BRL have exercised their...

I just realised hidden in this qtrly is BRL have exercised their 2nd tranche of funding option and have begun making payments. This is great news as the C$7.5M will fund the BFS. As stated in the annual report C$7.5M buys BRL another 12% of Crown Mountain which at today’s share price of 17c values the total project at C$62.5M. Based on current exchange rates this = AUD$65.6M. JAL’s market cap is only AUD$45M and hence BRL is paying a 1.45x premium for their 2nd tranche of funding @ approx AUD$0.24 per share. It makes the current share price of AUD$0.17 seem rather cheap.