Ann: Patersons Research Note-BSM.AX, page-30

BSM has "stabilised" in the 15/17 zone up from 9/13 pre Patto report confirming BSM in on Madagascar.

The proposal for BSM to go into graphite was floated back in September odd last year. Two placements went thru since at 13 and 10 and you can see on market accumulation done 9/13.
so imo a move and staying there to 15/17 is a 'responsible'/kosher result on the report confirmation ie not having a dump overtone but a valid re rerating aspect.
There is no Gap on the chart to activate gap theory for retrace. there's been 'solid' trading to 18 but sp has stabilised within 10% stop loss of that [pretty much] so only a T2 er would be feeling peeved and gypped imo, to be muttering dang,dark thoughts re Pattersons etc.

Anyhow BSM has "platformed" re rated to 15/17 which is fair enuf. Presumably some form of Presentation/Management "Mission" statement will soon be announced. BSM or rather Stratmin have issued 'important' technical info on the Madagascar Operation, details of actual production of consistent 24/7 production of high grade ie desirable/saleable flake.
They also are Delivering and Cash Flowed by a Asbury Offtake [along with others] Asbury is Nth American [and Europe} and is well connected for supplying the spherical/battery market of current Sector "legend".

So yes current production is small and yes there's going to be further CR's and dilution share issues. Yes Management don't have much "skin"/holdings in BSM...yet. Even yes there's long term holders with parcels at break even from .002 as well as over last 9 months since graphite sniff of 9/13 break even
BUT there's a lot of aspects in BSM to speculate on a significant re rate for it in the Graphite ASX sector
for it to Market Cap go, in the next year anything from $30mil to say $70 odd on say 15kts production in 2018 say.
However there is a factor re Dilution that 'confuses' Share Price projection to match Market Cap ones so sorry can't ramp rah rah up a 10cent party but a 5 cent one is imo possible by Xmas

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