GPASAS I'm also long and wrong on this stock. I wouldn't be averaging down too much on this in case a capital raising comes.
If you keep averaging down, your position size is going to get too large and then you'll be forced to make it even larger if a CP arises.
I agree with the debt being lower than 2009 & all but the capex of the actual mining companies wasn't as bad as it is now. Drilling utilisation down to 52% and they said they don't know how long that will last for.
The new agreements don't reduce the debt, they will raise capital and you should have enough to take up your full rights without it making your total position too big with the extra added averaging down buys now.
It's either good value at 40c or it's not. If it is others will step up and buy it back to current levels. I'm not risking adding more now tot see a CP at 20-30c to reduce debt.
BLY Price at posting:
48.7¢ Sentiment: None Disclosure: Held
