If one looks to ARN as a comparable, I think BNR might find itself at a $50m base valuation sooner rather than later ($40m EV).

I think BNR deserves a premium valuation over ARN because of the cash and royalty position, the 10x sized land position surrounding Niobe (ARN's Rb & Li tenement) and the multiple lithium exploration opportunities identified at Ravensthorpe.

• Bulletin has received a gross royalty entitlement of $3.48M for a net $2.40M in royalty payments from the Geko operation to date and received a royalty entitlement of $899,358 during the last quarter from the Geko gold mine - this has largely covered their operating expenses to date.
• Cash, investments and receivables totalling $9.5M on hand at the end of the Sept 2021 quarter.
• The Lake Rebecca Gold Project is approximately 150km east-north-east of Kalgoorlie, WA and comprises five granted Exploration Licences over a 575km2 area. Two nearby 1M+ oz gold deposits (Rebecca and LakeRoe).
• Chifley Gold Project - 20 kms along strike of 1.4M oz Au Lake Roe Project, 50 kms from 1.1M oz Au Rebecca Project. No historical exploration on tenement in prospective areas.
• Duketon North - Gold and nickel potential. Moolart Well 3 Mtpa gold mine 30km to south Olympia 0.5 Mt @ 1.63 % nickel deposit 30 km to north. Newly granted 176 km2 tenement.
• The Ravensthorpe Lithium project comprises a 57km2 tenement located 12km southwest and along strike of galaxy Resources Limited’s Mt Cattlin Lithium Mine. Eastern Trend hosts spodumene-bearing pegmatites and remains lightly explored to date.
• Bulletin holds investments in AOP (8.6M shares) and Auris Minerals Limited (2.7M shares) worth $3.31M at the end of the Sept quarter.
• Top 20 Shareholders hold 54.73%.

With 277M shares on issue, a $50m MC ($40m EV) would equate to a base share price target of circa 18 cents. If company-making exploration results are achieved at the Ravensthorpe lithium project, this valuation target flies out the window and we are looking at a much more valuable company. But the latter scenario remains an if at this stage.

T.E.P.

I'm continuing to accumulate sub 8c, because of the following:

• Holding nicely above the SMA50 and SMA200.
• Poised for a breakout, with resistance at 9.5c and a rising support level.
• EV of circa $10 million AUD.
• Royalties covering quarterly cashflow.
• Further lithium results incoming.
• The initial spike was 2c to 8c, thus the breakout target of 9.5c + 6c = c. 15.5c.