Ann: AGM Presentation, page-7

If they want to "build shareholder returns and confidence", there are only a few ways to do it.  The immediate one they can, is to accelerate share buybacks.  If they are serious about buying back 11 million shares, they needed to average 400,000 shares a day EVERY day for 12 months.  So far, we sometimes touch 500,000 shares on an odd day...but so far it has averaged less than 250,000 shares.  In other words, that is a strange way to curry favor from minority investors. 

If they won't buy aggressively when the share price is pathetically low at 13 cents, what hope do we have that they will care about buying back at 15 cents (which is their claimed average share buy back price)?  If everyone thinks the stock valuation is a joke, why not buy everything below, say 14 cents?  Just put a bid at 14 cents and let anyone who wants to sell, sell to BRL.  How hard is that?  I don't get this softly softly method of buying shares.  It hardly inspires confidence in BRL's claims...it feels like yet another pulling of the wool over the eyes exercise by this management.  Words are cheap...I don't believe what they say in public forums as their credibility is zero. 

And that dividend delay is another credibility straining claim.  Surely they knew the cash gusher that was coming their way.  Heck, they even promised to cough up $100 million for that Canadian project in 2 years time; and this was almost half a year back.  So they can't even find a few million dollars to pay long suffering owners of their shares right now?  Another knock against their cheap claims.

In summary, as human beings, we like to believe others...our entire civilization was built on trust.  But just because they stood up in a room full of people wanting to hear good things, does not mean we will believe anything they promise.  BRL management needs to deliver...and deliver NOW.  Not in some god forsaken future that keeps slipping into the proverbial rainbow at the end of the earth.  A more aggressive start of a buy back program would be a good start.  A dividend in January would be the next step.  And they need to stop making excuse after excuse for not doing what is right for everyone.