The upcoming BFS will be trying to achieve what has failed...

The upcoming BFS will be trying to achieve what has failed multiple times over multiple years to multiple companies.
If Deflector does not get the green light, BTV will be left with a very average resource in the BIF formations at Brandy Hill, several smaller unattractive tenements, cash, and the THR holding. It will be very difficult for Durack and his wonder-team to raise the capex outlays for a resource displaying these grades.

An option forward for BTV will be to invest the money in new tenements, not the salaries of under-performing management.
This will bring an even greater element of risk to the company, as the cash backing will be reduced to aquire tenements that may not deliver.

So to quote that there is little downside due to cash backing is slightly short-sighted, as 'IF' Deflector is uneconomic, the cash backing can only buy a high risk second-chance, and BTV will have attracted the fury of everyone who has even the smallest holding in the company. It will be VERY difficult for them to reach into investors pockets at this cash-reduced stage in the long, costly BTV stagnation.

Management are inept, a highly risky BFS is due out, and results from surrounding tenements are dissapointing. The sell signals are there.

On top of that, a potentially company-saving THR holding is being divested, to the dismay of shareholders who were led to believe that BTV would at least try to maintain a decent holding of the assets that by rights, should be making current BTV holders wealthy. What an outrageous move. Almost as insulting as the initial divestment of the uranium portfolio.

The risk is too high. Even if BTV can lower it's production costs, there is nowhere near enough upside to justify the gamble. Huge risk requires huge upside. Geothermal energy, uranium, biotech - all risky with massive potential.

For starters, just type in PTR, GDY/O, BLR, etc. Too easy.

And one question, how smashed is the SP going to get when everyone sells to take the capital loss over the next few weeks? In this booming market, almost all the resource sector is on fire. Massive underperformers like BTV are quite rare, and many people will exploit that fact.

So for anyone who doesn't fully understand how it works: the losses you make can be claimed against the tax you pay on profits. If you do not sell your losses, you may as well just throw the money down the drain, as it is that much you could have cut off your tax bill.
BTV is the perfect candidate for a sell down - huge losses and risk, combined with many dissatisfied shareholders.

Shaky times ahead!