Also of note, the JV partner is spending $4M on exploration...

Also of note, the JV partner is spending $4M on exploration which will leave BNR with a 20% interest

At that point, the JV partner can elect to buy BNR's remaining stake for $2M cash or royalties capped at $4M

Given the quality of the resource, I think the NPV would be well north of $20M, which would justify the partner outlaying $2M for the final 20%

So there is a high chance they will receive another $2M cash, and if the project is in production, should see their listed stock holdings also increase

Potential for cash and equivalents to reach in excess of $5M, which would be 4c per share roughly

This might explain why there is limited stock available