Ann: Investor Presentation, page-140

After sitting on the sidelines for quite some time, I am now compelled to add my 2 cents worth, which ironically if added to the share price would be significant in itself.

I have waxed and waned in my support of this company.

My waning limit has been reached.

The market is currently punishing BML. It is pretty much a capitulation on the share price, and therefore on value.

Putting aside the resource in the ground, and the perceived economics, the bulk of the fall, in my eyes, can be attributed to the continued failure to meet indicated timelines on significant milestones, quarter upon quarter, year upon year.

Management in a company have many responsibilities One is to manage shareholder expectation, and to give them best guidance on future potential milestones.

To achieve this part of the assessment is to take in to account current, and projected, market conditions.

Up until recently this company had been fairly emphatic that they were fully funded until a Final Investment Decision. Quarterly upon quarterly, investor presentation upon investor presentation stated this.

Where did the company get this belief from?

To a degree they must have been basing it upon professional guidance given to them by BurnVoir Corporate Finance, who have been engaged (that is paid, no doubt significant amounts) to formulate a funding package for this project.

Whilst I don't know the ins and the outs of their advice I suggest the best thing we can say about that advice is it was poor.

I wonder if BML has scope to ask for a part refund of fees paid to date?

To not digress too far, the fully funded until Final Investment Decision thesis, is a complete fail.

I shall not write copious amounts regarding other 'fails' as this has been covered to the 'nth' degree by the large amount of posts on HC of recent month.

What is the solution?

1. Either management come up with a clear-cut and obvious near term solution.

Or

2 Management and the Board consider in totality, their positions. Stepping aside and allowing new blood to take on this project going forward can surely not have any worse outcome than those of recent times.

Reputational damage is one of the worst kinds of damage. Sure it can be won back, but the path is long and tough.

In the meantime as individual shareholders we have options. One is to contact the company directly to convey our thoughts. This probably has limited impact.

Holders can sell. I think it is obvious many are bailing at a loss to get away from this bonfire

The other is to vote at the upcoming AGM in a way that sends a clear, unambiguous message to the company that their performance is not up to scratch.

What comes of it comes of it.

Remember the resource is in the ground and not going anywhere.
The economics are potentially profitable, and may be more so in the future.

Who is in charge when the positive result finally occurs matters not.