You've taken my "punt" comment literally. I agree with your...

You've taken my "punt" comment literally.

I agree with your description:

"...Outfits like Pacific do not take "punts". They take carefully researched investments based on having crawled all over BLK like flies on a blanket. It is a calculated risk/reward decision..."

And the point you make about risk/reward is exactly the point. If you have a look at the reward that Pacific Road are getting, then the magnitude of risk they assign to BLK becomes abundantly clear.

I've yet to see one thing these people do properly. It's all about obfuscation, big promises that aren't kept, withholding of AISC when it's not convenient to publish.

A pattern of "hey look at our huge resource" announcements right before yet another abysmal quarterly.

Apparently the grades have been steadily improving but only in the NEXT quarter.

When finally they announce the funding, it's still subject to legal due diligence and the paperwork is 'well advanced' It was well advanced in the 1st November market update!
Compare the wording of the two and note how much progress appears to have been made.

Then the convenient timing of the latest "high grade intercepts" announcement...

The list is more comprehensive than that, but a very clear picture emerges (to some).

Of course the icing on the cake (more like the final insult) is when they openly concede to shareholders at an AGM that they've been over promising.

You were there, did they 'promise' to stop doing that?


PS: I wouldn't have used the 'flies on a blanket' analogy. Something more attractive to flies would've been more accurate.