Wow, the good Doctor is plagiarising my thoughts, as laid out last month when I said BSM should concentrate on Mahela and ditch the crud at Mahefedok. I even said, did I not, that the company could pretty easily JORC up a million tonnes of dirt, and here we are, with management and their supporters coming along and doing the same things a month later.
But hey, soon enough this waffle about "we should manage the business better, you poor HotCopper dummies just don't know the intricacies of managing a business, blah blah" will come around to "Oy vey, we're out of money, give us some more" and "Whoops, it was just a pilot plant, but now we've exhausted our money we are going to start a formal PFS and DFS process to show to financiers that we could, with debt and a swag of new cash, produce what we did from the Graphmada pilot plant, at 50ktpa based on these resources we drilled up."
I mean, you heard it from me first, and the company second, and then the good Doctor.
I guess managing this long term vs short term stuff is saying to your investors "Right. This tiddler of a mine is wasting everyone's time and money. We proved the process, so give us $10M to run a actual exploration and development cycle on this bad boy, and we can probably take our processing knowledge from the old Stratmin pilot plant, and scope it up to a modern plant with industrial quantity and quality product."
ANd, you should all have read the ASX Cautionary Tale about how these are Exploration Targets that may never eventuate. Right?
BSM Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
