RE:BO price?I would argue that LME has A LOT more drilling to do before a buy out could happen. LME has had some great drill results. But the reality is that they have only completed 63,996 m of drilling -390 drill holes.(see March 2022 corporate presentation) and they do not have a mineral resource estimate.
Compare that to something like Great Bear Resources (GBR). According to a
July 28, 2021 Press Release , since the summer of 2017 GBR had completed 630 drill holes totally 283,000 metres.
LME would need to drill another 219,004 meters to match the amount of drilling GBR had completed on their Dixie Project property. Let's say it costs $200 / meter to drill....LME would need to spend another $43.8 million on drilling to match what GBR had completed (219,004 meters x $200 = $43,800,800).
AND even with all the drilling GBR had completed, they still had not come out with a mineral resource estimate. I was a tad surprised when GBR was acquired for $1.8 billion. It seemed like a risky move to spend so much money on a proprty that didn't have a maiden mineral resource estimate.
It seems like the next step for LME is to raise a massive amount of capital, and accelerate their drilling!