You are performing better than me on BLK in that sense. My...

You are performing better than me on BLK in that sense. My average in is 6c last year. Also lost around $16k on the BLKOA since I was more bullish on them and forgot my lesson in RMS 2015 when the stock price was purposely kept below the 12c exercise price prior to expiry to keep them from having any value.

I think the operations are indeed poor for almost as long as we can remember. The only quarter where they did deliver was the March 2018 quarter. That is indeed unconvincing to many investors - 1 out of around 10 quarter that is looking good.

That being said, I look much longer term than this and while I expect to watch this stock get pummelled to below 4.5c in the short term, I think it is worth holding out. The market capitalisation of this company is around $72m now, will be back to around $60m at the end of today. However, when they right their ship (and I know my viewpoint of this is not shared by most posters here), it is not unreal to see it being above $100m. Sure, they may have to do some dilutive capital raising somewhere along the way.

I held RED from early 2017 and watched stoically as it plumbed the basement when the Filippino government shutdown their Siana open pit mine. But after they purchased the Darlot and King of the Hills mines, they had some teething problems too. Today, that is still in the making but they are trading at $140m market capitalisation.

So, while Red 5 is not necessarily the same as Blackham, and BLK is admittedly pretty poorly managed, I am willing to take the gamble that this company will pull its socks up, eventually. When they're ready...