It is more than possible that they made a very astute and timely decision to sell Gullewa, plus the investment in WME has been sensational. They are now buying back shares at a 50% discount to the NTA, whilst, as I understand it, and with reference to the last quarterly report, looking at numerous potential projects. I think it will need to be a standout project for them to get interested. At it's peak this share got to about 9.5c, when there were 5 times as many shares on issue...so a share price equivalent of some 47c. Remember that was in the heady days when junior stocks were flying, and going north on slim rumours.
Given the NTA is now close to 30c, and forgetting the heavy discount or under-valuation at present, I would argue the Directors have done a pretty darned good job, in keeping this company well and truly afloat. There are plenty whose mining projects are under water and the cash burn is unstoppable. A fair assessment would perhaps say that this company has weathered the tornado, and is now set to do well.
Just my view anyway, having been in for about 4 years or so, and having seen the good times and the rotten.
BTV Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
