Ann: Highly Prospective Exploration Licences Granted-Timor Leste, page-155

The lack of promotion surely is a strategy to keep the SP in a certain range. We, as active holders, wouldn't want BCN to become a 'pump and dump'.

My take: Graham and BCN have slowly began further expansion as we can all see. They are keeping numbers on the low-key, slowly expanding, and expanding, and expanding, until the board see the operation becoming substantial enough for the mill to be supported for lets say 20 years into the future (just a round number I came up with). By this time, T-L will have progressed, other opportunities snapped up and with a buyback further strengthening BCN, it will slowly be found by more funds and at this point, BCN may mature into a more robust company with ever increasing output. Look how far it has come in five years since the mill. The next five years, if an investor is smart, will stick with BCN and be quietly rewarded.