My unqualified 2c on post dilution valuation. I'll keep it very...

My unqualified 2c on post dilution valuation. I'll keep it very conservative. At current silver spot of about US$60 the NPV is about A$1bn give or take. BML is fully funded and permitted and only 18 months away from production. To be very conservative you can apply a P/NPV discount factor of 30% in line with BML's current position along the Lassonde Curve. So that gets you to A$300mn. Fully diluted we will have about 562mn shares outstanding. So that gives you a valuation of 53cps. That's where I think the share should be - despite the mind boggling dilution. And the closer we get to production that P/NPV should slowly ride higher to perhaps 70% (assuming silver being constant at US$60).