I really do not know why I still read these mundane updates expecting some exciting news. So BSR has completed a second fence. To be honest I thought there was only one fence. Surging straight ahead now. Has the expected 176,000 ounces changed all of a sudden?
This Executive Chairman and his cohorts lost any cred they may have had with me long ago and IMO with the market as well. I could go into but I won't, other then to say I believe they could have problems lying straight in bed. To my knowledge they have never achieved anything they have actually put a predicted time or timeline on. That says a lot to me about the actual management skills they supposedly possess. Now they simply don't say anything. If it takes 6 months. It took 6 months. Go away. No accountability to anyone whatsoever. How good is that? Where can I get a job like that and pull over $20,000 a month?
Good to see another dilution of my shareholding with another capital raising 12.2 million straight on the back of the update and following 28.3 million reported to the market on New Years Eve. Great timing! Maybe NYE was an effort to try to make that quarter's report look better. Who is getting these shares? No offers to existing shareholders? Maybe, they realise we small shareholders are not gullible enough to fall for another raising with rights attached at this time. The wound from the last is still to fresh. I can only see this dilution continuing for sometime into the future. Wish I had the funds to shore this up via the market but sadly I do not.
The time and money it has already taken and continues to take this Management team to get this minnow of a gold producer to production beggars believe. When considered on an economic scale, a company producing 50,000 ounces a year would be lucky to rate as a very minor player as a gold producer in the mining sector over all.
I remember hearing on various occasions the catch cry that " a lot of the infrastructure is already in place". When the Chairman followed this up with his adamant prediction that first gold production would occur in early 2018 and then revised later to early 2019, I really at that time had no idea of the amount and scale of work still to be completed. Stupid me. If I had a list of what was required to be completed I would have realised he was only joking with those predictions. If at the time he really did believed them himself, then all I can say he may well have some mental reality issues.
Looking forward to the next quarterly report due soon, if only to see just how broke BSR really is and how much debt it is presently carrying. Maybe I can to get an idea if the company will make it or not. Hate to see the company finally produce some gold, only to see all the net revenue going out to accumulated creditors and debts. This could be highly likely given that prior to the finance arriving these guys were spending about 1.2 Million a quarter. God knows what that total quarterly amount is now. We will all soon know.
Stay Strong and Prosper Geez those words are getting harder to type.
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