Hello to All BDC sufferring shareholders.
Second post here.
I have been a quiet holder of BDC since Jan 2020. Have been an observer through the Spitfire, Excelsior merger. I do lurk around the BDC threads quite often. Thanks to some good posters like
@Pokerface,
@Thesleepingiant,
@Hasaman,
@CYMON,
@JP.Sun,
@Wombat2 and all other posters. Also thanks to
@stormer who always has justified counter arguments.
In spite of management ticking all the boxes the market has not appreciated their hard work. Or it is how it looks like. The share price bieng the measuring barometer, it's dissappointing.
I am mainly invested in the gold producers. Obeserving the 2019 gold price movement, I felt like it was time to put some money to work in the explorers & developers.
Selected some names like BDC, DEG,PMY, GMD, RXL, KAI & MSR. The money distributed in a decreasing order from BDC to MSR. The highest money was allocated to BDC as it was the most advanced project among all of them. Very able management who think like business men and also heavily invested.
DEG was the first one to charge higher. I sold out of DEG incrementaly with close to 400-500% return which is phenomenal. Had I kept DEG it would be 2000%+.
The DEG share performance taught me a lesson which I am trying to utilise with the other names above.
Thankfully all are doing fine with the exception of BDC & MSR. So to be honest , Yes I am dissappointed with BDC share price performance, more so as it was my highest conviction.
And with me almost all shareholders are frustrated. I have even had suspicions if there is anything wrong with the BDC projects. But the cap raise of $24 million has given me confidence that the project is supported by institutional money. This recent Director buying is also a positive sign, especially when someone already holds a ton of shares. CEO Robert Ryan has been kind enough to answer my calls a few times. According to him they are constantly monitoring the share register. He feels like the institutions are mopping up shares at the 8c mark. Strangely in the last 2 years there has been no change in substantial holding. So it just boggles my mind to see who is selling and who is buying. There is a drop in volume looking at the recent share price action. Usually accumulation is done at a lower price and distrubution at a higher price. Looking at the chart, I am leaning towards accumulation. I think the institutions only want to reward the loyal long term holders. Traders and short termers will only get frustrated and sell out.
DEG & RXL both had similar trading patterns and were frustrating like hell prior to breakout. But both of them are exploration stock. BDC is not an exploration stock and any good drilling result may not create breakout. It has proven resources & reserves. So management need to cross those milestones one by one to get to production. This gives the big boys ample time to accumulate. I think once the big boys get their fill this will rise slow & steady. Suffice to say each BDC shareholders need patience of 16 men.
So I am holding for now. I own 645K units for full disclosure.
