I have to say it's a great story and Alex is a great salesman:....

I have to say it's a great story and Alex is a great salesman:

• . A mill bought out from a failed company.
• A new mining/processing approach to a take advantage of a growing ore body.
• A phased implementation - generate funds from a small legacy operation, using the earnings to fund the development of a larger more profitable operation - minimise dilution and maximise returns for shareholders.
• Strongly supported by an invested board.
• Strongly supported by a number of high net worth individuals.
• Increasing support from institutional investors

......... it's a great story.

So what concerns me:

• The company was started in May 2019 by four people with the issue of 175M shares. The shares were issued for free.
• Half of these free shares went to Alex and he has only made a few small purchases since so his financial skin in the game is minimal.
• A third of the remaining half went to Telarah Holdings Pty Ltd. Neil Rose owns this company and was a director of BGD until 31/06/2023. The free shares he received he is now selling quite aggressively. interpretation: The company is no-longer worth his time and he is selling off his free shares.
• A further third went to Gatej Pty Ltd. Alister Blyth owns this company and was the Company Secretary of BGD until he resigned in 2021. He owns the Accountancy practice that is the registered address for all the companies representing the four people in note 1 above - including Alex's shares. He is selling down his free shares.
• The remaining third went to Six Fingers Pt. Ltd. This company is owned by Ben Auld who also owns Mining Plus Pty Ltd and are/were engaged to project manage the resource development. He will have a better understanding than anyone as to the true value of the resource. He is selling the shares he received for free.
• The board members have impressive experience with major gold companies but they don't own any shares. The high number of shares held by the board and management are really represented by the shares held by Alex - and even these were mostly free. Free shares don't represent strong support or provide any reassurance in my book. No director has bought a single share in the last 2 major capital raisings.
• The strong support from high net worth investors is really represented by the free shares given to the three companies/related parties above. Again I don't believe this provides any positive reassurance.
• The true support from "new" institutions is difficult to gauge as none of the names appear in the top 20 shareholders list. A $250k investment would see then listed in the top 20 - where are they
• All the good news is spun by uber salesman Alex Scanlon and is not supported/verified by the actions of related bodies involved.
• BGD only paid $1.13M for the mill and tenements and now has a significant valuation.

In summary I don't believe an informed insider would sell shares received for free if there was a chance the company would multi-bag from the current share price.

I may well be wrong but the above items were enough for me to decide the presented picture is possibly different to reality. If related parties/insiders are selling shares they received for free I'm out.