What a mess, page-8

I would like to apologise to everyone. I relayed what Mr Riley told me about fixing the trading suspension in effort to give concerned shareholders some news as to the situation. I was wrong to do so. I should have known better and not involved myself in airing more of their bulls--t. I just do not seem to learn sometimes. In February 2019 Ian Riley said to me in an answering a question I put to him about the necessity for further capital raisings. That now the finance funds have become available Management are not envisaging any more capital raisings and now have enough funds to see them right through to production. Since that phone call I believe BSR has had 7 further capital raisings. I now feel like a complete idiot believing that the suspension would be fixed shortly after Easter and a indeed a fool for having posted his response here. I guess I am a really slow learner but no member of BSR's Management team will ever catch me out again. After 5 years of their bulls--t, I simply will not believe anything they have to report or say until it actually happens. As you can probably ascertain I no longer hold any of these gentlemen in any high esteem and this mainly due to how they loosely handle the truth. Truth never damages a cause that is just.

Managements utter disdain of having to report to anyone is again clearly evidenced by this trading suspension. IMHO opinion BSR's Senior Management have always reported to and updated shareholders as if they were all just a bunch of morons who could not assess any situation accurately. Just tell them what they want hear, forget any detail or accuracy and make sure to word it in such away that is confusing or can have multiple meanings. Let them use their own imaginations to fill in the blanks and form their own opinions as to what is really going on.

This has not changed for the past 5 years. It now also appears they believe they are above the law.

I have decided in future to follow the market's lead and treat whatever these blokes tell me with the degree of scepticism it truly deserves. These guys would have made great politicians in that they provide news updates predominantly in the form of leaks which invariably turn out to be just more fake news.

I now believe BSR Executive Chairman has always had his own timeline. He has just not been always honest about it. Whatever that timeline turns out to be I hope he has the cash flow budget to support it and more importantly a plan to access the required capital and cash when needed to see it through. Presently I am highly sceptical about the last point.

Like many out there I am worried about BSR and MGO's present liquidity situation. I have been since the December 2018 year end report but now I believe it could be a lot more dire. Especially given production is still somes months away. How many more times can BSR's Chairman, all be it to our detriment , keep finding sophisticated investors to keeping shoring up the castle walls. The terms of Coris Finance is another concern. The informal understanding to access to additional finance funds appears to have been just that. Informal and did not hold any water or surely we would have heard by now.

I do not believe BSR's SP is correlated in any way with movements in the gold price. Recent changes have evidenced that.

You can keep beating the drum about the significant potential gold reserves, revenues and the like but the market is not having a bar of it. Maybe that is because the drum has been beating the same beat for so long. The time for BSR to ante up is well past it's due date. Given management's performance to date and their reporting of it. I am starting to doubt that even the reporting of the long awaited occurence of first gold production will not have any dramatic effect on the BSR's share price. I don't see a 7, 8, 9 ,10 or 15 bagger, it may go to 5 cents. 3 1/2 years is a long time to wait to see your share's SP go from 4.3 c to 5 c. Was that not a missed opportunity back in November 2016 or what?

Production to start end of April, end of May, end of June , end of July so on and so on. If BSR's Management have not got the balls to provide a likely time first production to commence at this stage of the game, then they probably really still do not know. There are just too many variables outside our control for us to even hazard a guess at this time. Or even worse, they do know and it remains so far off that they do not want to upset already disgruntled shareholders even more. In particular, with current quarterly operating costs running at about $1.3 to $1.6 million a quarter where is all this additional working capital coming from if it is still 4 to 6 months off. It is like watching a clock on the wall where every passing hour has just cost BSR $732.00, every week another $123,000.00 and every month another $533,333.00. Just how long can this bleeding go on. As far as management are concerned the answer is we just do not know, but it will all come to an end in a few months. I believe " a few months" was the exact words used by the chairman at the 2017 AGM when asked "when do you think the finance will be available". BSR finally got it on the 1/1/2019.

Maybe BSR management should ask the management of actual miner MGO if they know. You never know they maybe more enlightened on the subject. You just cannot be sure what WATIC might know.

Every time our leader reports, he outlines more development work to be planned and or undertaken. It is like it is never going to end and this for a project he predicted first gold production in early 2018. Then again in early 2019. It is hard to believe how a man with this supposed level of expertise and experience working in Africa could have got it so absolutely wrong. In hindsight, surely he was not serious when he made these statements, surely he had to be only kidding with us all along. Begs the question what else has he only kidding us with - the g/tonne, the updated feasibility studies, the actual all in sustainable costs, actual gold production, what BSR actual owns as opposed to what it now owes? We now know they got the capital finance requirements wrong. Apparently it is all gone and we are still engaged in developing the site.

The only pleasant thought I have at the moment has nothing to do with BSR but with it's Management. The thought that it now appears these under achievers will not get their performance bonuses is simply justice in my opinion. Based purely on performance since November 2016 they definitely don't deserve a bonus IMO, They are still caught up in the planning stage for goodness sake. Can you believe it?

The lack of any information, reports or updates coming from Management, together with the suspension of trading has added to my concerns for the well-being of BSR going forward. I am now having grave doubts that it will even get there at all and once there whether it will in fact survive for any real length of time. I even believe many of the faithful out there are now getting a little concerned but for the sake of their investment they are too scared to air it.

The March 2020 quarters report is due out in about 7 days. If that does not appear and the phones at BSR remain unattended then I suggest to those who believe in the almighty, it could be the time to really start praying. The great opportunity BSR supposedly had could turn out to be nothing more than just that. But actually being able to achieve it did turn out to nothing more than just a fairy tale.

I am not going to say just hang in there as it seems a ridiculous thing to say given trading in BSR is suspended and where the share price has been trading for the past few years. What bloody option have you really had for the past 2 1/2 years. Just like me none really.










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