broker update, page-6

Hi Albert123

I have some insights to UBS and you are right to a very large extend! Besides that it was UBS that syndicatad the last capital raise around A$ 1.10 (if I remember correctly). With other words: Their crystal ball is as good as mine.

However...due to the lack of "broker-updates" I thought it would be not a bad idea to mention here also a - let's say - rather mediocre view.

I am not sure if it makes sense to reiterate some facts:

a) only 6 weeks ago the SP was around 20 cents. Probable reasons: large holders (Platybus) selling/reducing their holdings for what reason ever. Loss of confidence in to the company. Complete sell-off. Postponement of release of PFS. More working capital required for Perkoa. I guess we can agree that on that level BTR was just valued for the cash in the bank and partly for Perkoa.

b) only a few days later release of spectacular drilling results. Quote Proactive Investors: Wide, high grade copper, what more could any copper explorer ask for? But that is exactly what Blackthorn Resources has in its pocket with the blockbuster infill drilling result of 243 metres at 5% copper adds to the confidence that Blackthorn Resources has in converting the Indicated Resource at the world class Kitumba project into a Measured Resource. A Resource extension may also be included as part of this program. Shares in the company could receive further kicks as more assay results as released in the lead up to the release of the Pre-Feasibility Study.
Reaction of the market: spike up to 63 cents, down to 40, up to 56 cents.

c) further release of more high grade drilling results 1 week ago and no reaction of the market. Obvious because everybody was waiting for the PFS.

d) release of the PFS and subsequent sell-off to 27 cents.

So my question: The difference between today and 6 weeks ago is roughly 4 cents. That means that for 4 cents you get at least 2 world class high grade drilling results, 1 PFS (more or less positive), pending drilling at Kitumba (remember KITDD_034) that might chance the picture and not to forget the 3 new drilling in the vicinity of Kitumba (600 to 1200meters - and to make it clear - there must be sufficient "smoke" to justify these drillings!). Furthermore we have strong indications that end of the year a ship full of zinc will leave Africa and for the firste time in the history of BTR the will generate some cash flow!

4 cents is not to expensive for all that I guess.

Said that I come to the simple conclusion that there is sufficient surprise-potential in the pipeline for the next 3-6 months.

Therefore is just a question if you believe in the company and its long term potential or not.

I think 7 weeks ago I wrote: "one drilling result can change everything". This was then the case just a few days later.

The BTR story in my view is not over yet. The copper is in the ground. There are no technical constraints and sooner or later the copper price will on a level where the project is robust enough to justify a production. PFS will be 100% enhanced. That's for sure and as you said, the new MD will give strong indication about the potential and the possible outcome of this story.

Till then I am pretty convinced that we will see a up and down and maybe also new lows. Who knows....I just know that tomorrow everything might be different (again...).