They changed the strategy and bought fantastic gold assets for...

They changed the strategy and bought fantastic gold assets for peanuts. Why? Covid. They could not get the funding, workforce or access with the state shutdowns. You need grade and low capex to do well coming out of that sort of market condition. No point in beating your head against a brick wall. They decided to build a mid tier producer instead. The funds, NST and SLR became silent partners. Business either adapts or dies. Many died. These studies show us just what hidden value the management saw. The markets sentiment has been a problem for gold miners. The proof is in the pudding. Paulsens is now the first high grade cab off the rank with imbedded infrastructure. Coyote is the next one. For $38.5m , these guys can make that PA. That is a very high rate of return for a miner. BC8 bought 2 low cost re-start high grade gold mines when the world didn't care. Best time to buy them. The original asset would still not get funding today without causing balance sheet stress and a lot of dilution, so it was a smart move. Companies cant just think short term. The incremental re-start program is the best way to go. Australia has a tiny handful of emerging producers. As i mentioned before, many companies simply wont raise to build. They are stranded assets unless the gold price explodes and lifts all boats. If that happens, then BC8 will do even better.
Think of it this way, BC8 was land banking with proven resources and infrastructure when no one valued land. The higher the gold price goes, the more the lights turn on. It seems like the Chinese funders can see a clear path to the strategy and want to fund it. A lot of people assumed no mine life etc. Looks obviously wrong. It takes time for these things to unfold. This is why i buy management. The assets are a no brainer imo.