A few delays along the way, plus increased capex and aisc shows the impact of the current tighter market. That's all good but the downside is the potential $90-100m equity raising coming in the next few months. BDC will have around another 1.5b shares on issue if the sp stays capped as it is now. I can't see where the catalyst for sp appreciation will come from with no huge drill results to excite the market. The ground is quite mature so unlikely to be any hidden gems to spark a run imo.
I wonder if the board will reward current shareholders by spinning out the manganese and giving in-specie shares to current holders before almost doubling the register and allowing the newcomers to dilute the potential benefit we could receive from any new listing.
At some point BDC will need to offload the manganese project and be a pure gold producer. It would be a good time to offer something from left field to at least garner some interest in the company, because right now it feels like the directors have left Rob Ryan to fly the flag at BDC whilst they spend their time focussing on their other playthings.
All just my opinion
BDC Price at posting:
6.8¢ Sentiment: None Disclosure: Held
