Let me point out that talk is cheap and actions speak out loud...

Let me point out that talk is cheap and actions speak out loud and clear. You can say whatever you want about management brilliance and question my "buy back credibility" thesis etc.
But here are the facts.
As I type this out, the market has dropped the share price down to 13 cents. And now there is barely 33,000 shares on the bid at 13. And there are 1.5 million on the offer at 13.5 cents, and another 5 million shares lined up to sell at 14 cents. The offers have been steadily building at lower and lower prices.
At 12.5 cents, there is hardly 1.9 million shares bid, at 12 cents, only another 2 million shares. This kind of bid/ask set up is an outcome of the market having lost complete confidence in this management.
I have been warning of this impending share price selloff, and I see no sign of it abating any time soon.

Incidentally, have you ever tried to understand their data on reserves and resources at Stockton? Talk about a joke of a disclosure! It is difficult to figure out exactly what the basis for the reserves and more importantly, resources, are. In today's presentation, there is a line thrown in by the lawyers (so that you can't sue BRL for not giving sufficient cautionary statement) on page 10: "Expected Mineable Tonnes do not meet the requirement to be classified as ore reserves as defined by the 2012 JORC code". Very...lawyer like.

Re the valuation, if management believed it to be so cheap (3 x cash flow), then they should be buying it back aggressively. What project can get you 33% cash flow yield? Basic finance. Since they are not doing it, that suggests they don't think much of their own company.