hawsons is the superior project, page-30

IMO both CAP & IRD are undervalued IF we ASSUME both projects will be developed. After GFC, most of microcaps are struggling to get funding. If EU situation gone out of control, it would be even harder to get funding.

5H! Yes, the free-carry means no CAPEX required from CAP, but will BMG get funding? There are a lot of microcaps are "undervalued" if we assume project will be developed eg FWL, DMA, etc.

Look at WDR (310mt) with DSO & BFO, CAPEX only $190m to ship DSO out & OPEX (DSO) only $42. Quick & simple, no need for big funding. $190m CAPEX, WDR can easily ask shareholders to fund it. CAP's free-carry depends on BMG getting the funding.