You're probably right regarding whether these events make a difference.
I posted the event details simply so people had the option to attend or not. I only received the email a couple of days before the conference so wasn't able to be in Perth in time.
I know the gold project will just meander along at a snails pace because it is not being pushed along.
The directors imo, have left the project to Rob Ryan and focussed on their other companies instead. They have received performance shares up to defining 3moz so now they will just keep taking the money and pick up more performance shares as the future milestones are hit.
In the meantime they pick up other salaries and shares as they push the other companies along the path to production.
It would be great to get paid from a few companies at the same time. Now if I had 3 concurrent jobs, I know I wouldn't be able to give some, or any of those jobs the attention required. Not enough hours in the day unfortunately.
Getting back to the conference, the main question I would've asked had I been able to attend, was what is happening with the manganese project in the Pilbara. I would've made a point of other companies that, in recent times have spun out their non-core projects, most with very good returns to their shareholders.
Up near BDC's already jorced manganese project is BCA which floated mainly on a jv with CWX, which holds ground around BDC's. They floated at .20, now about .30 with no resource, in fact haven't yet drilled.
FFR in-specied their manganese project into FRB, also in the area. Shareholders received 1:12 in-specie shares or 1.6cps value. The FRB price is currently about .60, so a decent return to shareholders, with another lithium spinout coming on the same terms.
The region is known for its manganese, as well as fe, cu and au. The Nicholas Downs Manganese mine is well known. It was started by Hancock Prospecting and MIN, but closed when the price of manganese fell off a cliff back about 8 years ago. Since then mn recovered in price and is now seen as a new tech metal (see E25). Companies have been scrambling over each other to grab more land up there. Hancock Prospecting was at their minesite during the time I was there.
I spent 6 weeks on Balfour Station recently and saw plenty of action happening. Land was being pegged everywhere in a mad rush to secure any vacant areas. In the time I was there, new peggings I know of were taken out by Jindalee Resources, Panther Exploration, MN Energy, Valroc Ventures, Black Canyon, Carawine Resources and one by BDC also.
This rush started about 12 months ago and fortunately BDC has added a couple of leases in that time, including a large area adjoining their other leases. They picked up a small area recently about 20-30km from the other leases they hold, so there must be a plan in place, but we don't get a lot of info from the company, just the bare basics it seems.
So as you say, these presentations are quite pointless as imo, the company has their own agenda and timetable which is known by those who the company will use going forward to arrange funding etc. A few small investors won't shake up the market but, it doesn't hurt to meet the man running the show.
A few other companies I've held in recent times have plans to spin out non-core projects including:
FFX - spinning out their lithium soon . SP has gove from around .22 to about .65
MTC - lithium spinout coming . Sp .12 to low .40s
BRB - Making noises of monetising their lithium project. .19 to about .27
RDM - Proposed silver IPO with the company not distributing the newco shares . No change in sp
BYH - Vending a gold project into Star Minerals. No distribution to holders of vend shares. SP has retreated marginally since the initial announcement.
PUA - Spinning out a gold project. In-specie distribution to holders. Negligible sp change.
Looking at the list above, lithium spin outs are all looking good, as is the previously mentioned FRB manganese spinout. Gold and silver spin outs not really making much difference though.
BDC has a jorc manganese project which is why I often post about it here. It seems an obvious catalyst for some value to holders who have not really seen any increase in value in the last few years in real terms as the 3moz has cost probably around 1.2b shares to acquire and the other 500m shares are capital raisings and performance shares to get to where we are.
Now, the recent broker report stated a likely equity raising of $95m being 1.38b new shares @ .07 and the debt funding on top of that.
So by releasing this report, they have ensure no one will be in a hurry to buy into BDC. The sp is even weaker since the optimisation study as it added both capex and opex increases to the project.
Having a broker flag 4 months ahead of the new FID and financing date of the end of this year, they have ensured nothing will move the sp upwards. So my only other question to RR had I gone to the conference would've been why this info was released, as surely there should've been a confidentiality agreement between the company and any potential brokers or lenders prior to discussions. Or is it just speculation by the broker?
When CMM needed to raise debt funding and equity, they raised $18m at .065, then a couple of months later the bulk of the cash (about $65m) was done at .16, limiting the dilution.
It looks like BDC has no plans to do a staged equity raising, so .07 is the best we can expect if the broker report is correct.
Which brings me back once again to the manganese and its future within the company. BDC has plans to be a gold producer in the eastern goldfields. The Pilbara manganese project needs to be disposed of so BDC is a pure gold play. There is close to 1.8b soi now. Another 1.4b are coming soon. Its about time the board actually did something for their shareholders. So far they have imo, extracted more than their pound of flesh from us along the way. Time to give something back, even if ironically, it is something we already own!
Anyway, I bought more BDC yesterday @ .059. I take my frustrations out at the lack of progress and timing blowouts (BFS was originally slated for Dec 2020 and now the funding delay is costing plenty as costs rise across all aspects of the mining industry) by punishing myself as the sp drops. Its become a 'crash or crash through' mentality now. Its a bit of a car wreck, so if I'm in a demolition derby, I may as well embrace the hits. Some of my other holdings are helping to soften the blows.
Come on BDC, pull ya bloody finger out!
Just my opinion on a lazy, Saturday arvo in the mid west sun.
I read your post with some interest but the logic of the last paragraph I found elusive.
If you bought
[email protected] do you hope to make a profit on this purchase or was it motivated by a masochistic desire to lose money and cause yourself pain.
--- or perhaps you have so much money you want to lose some and doing so will cheer you up.
