If the placement is successful at 8.5c, then at the current price, the EV of the company is a little over $5m, extremely cheap given major company making announcements are due within three - six months.
The recent results at considerate depth were very encouraging. Surely with hits like those they can come close to the independent valuation of between a 0.7m - 1.1moz resource.
The directors have been pretty true to their word. If they can secure financing by the end of Q1 2013, then they reckon they can kickstart production 3 months later meaning end of Q2 2013. Would be a fantastic result generating cash flow by mid next year.
BNR Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
