Multiple reasons, from keeping capital expenditure as low as possible, to keeping capital and manpower/resources for further expansion opportunities and drilling at millies and the other graphite mining spots, negotiating offtske agreements before even beginning to produce was probably the best thing possible for bass being so small. So imo we will see another significant offtske agreement before the ramp up to 20ktpa. I understand the frustration at the perceived (and absolutely possible) greed of management regarding dilution and capital raising however every single time I’ve though “what’s this or what’s going on or why” I’ve ended up not long after going ohhhhhhhhh. As management has repeatedly made me sit back and go oh wow that’s just brilliant (last cap had me reeling and that raise was for millies and before that I was thinking oh that’s early but it was to buy out the mine from stratmin at a huge discount). The delays are also due to the choice to deny stratmin 10M extra and royalties down the track. I trust management 110% and that’s not something you can say for many companies. If they thought 50ktpa would be better they probably would head there but I think slow steady and lowest capital intensity is the way to go in a mine this small. Stay debt free and ramp up steadily
BSM Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
