I don't believe that the refractory aspect to the deposit is a material concern. There are multiple companies on the ASX which either mine as a concentrate or both mine and refine. A good example of the later being NST. The hemi deposit (DEG) is refractory yet they're able to command a MC of over a billion. This has been discussed several times on the forum so a simple search should provide some results.
In any case, there are supposedly over a dozen companies in the line up for off take with BDC so again i doubt there is an issue there. The off take price should be fairly closely priced to free milling ore as well.
As was discussed prior, most are of the impression that the SP has suffered due to the overhang that was present with the excelsior merger. The major holders there were supposedly unable to exit for many years found themselves able to post merger with higher traded volume. Over a third of free float was traded over the last year as they exited. Some of those exiting were prone to dump large parcels which didn't help either.
Over all, there were several issues that lead to the SP being suppressed, many of which should be resolved now. The majority of the excelsior holders have exited and those brokers that traded on their behalf have likewise gone quiet. As i have suggested in many other posts, there has been some residual selling, especially at higher price points as stale holders attempt to sell ast what they bought in at. We probably will have some churn at higher prices but once this has taken place i believe that we should start approaching fair value. The off takes, due by end of year, and the DFS due by end of Q1 2021 should provide the catalyst to see this happen.
BDC Price at posting:
7.7¢ Sentiment: Buy Disclosure: Held
