Ann: Mining Commences at Menzies Gold Project, page-13

In a struggling gold market where peers are off between 30-50%, BTR's held up reasonably well against broader gold market malaise. I'm in at much higher levels than present, and wouldn't mind current management misplacing the same decimal point on nickel assays per the old executive team, for a cheeky liquidity lick, but the reality is you've got an MD whose put his own money where his mouth is (circa 25-30ish million) shares all purchased on screen/in placements, which is rarity compared to many other ASX juniors.

The companies adapted to market conditions, and sensibly approaching the differing orebodies at Menzies and Laverton as they should. Menzies resources look great in a global resource, but the reality is these are nuggety, narrow vein deposits with limited breadth, hardly conducive to production profile or provision of baseload feed, that's going to turn the dial in this market Makes sense to exploit these resources in a low-risk JV mining arrangement that preserves the capital structure and allows the company to generate income that organically funds exploration at Laverton where the assets have far greater exploration upside and strategic potential in the Leonora/Laverton consolidation.