Really a great piece of investigation Metal.Guru! and very...

Really a great piece of investigation Metal.Guru! and very interesting findings.

Looking back I guess that somebody with the right informations and with the right support and set up clearly could make quite a lot of money playing the sometimes pretty high volatility in BTR in the last years. I am specifically referring to possible short or long/short strategies.

Unfortunately it is also pretty clear that the SP has not been influenced only by - let's say "honest" - long term investors or even only traders but that somebody with deeper pockets has deliberately tried to influence the SP in the one or other direction to support his investement strategy or tactical allocation.

I think that on current level probably it makes not really sense to go short. The potential downside is limited (cash in the bank etc.).

I have more the feeling that here some people are interested to keep the SP on a relatively low level (and probably this interest prevails already for months!) with the aim to accumulate on low levels.

Fact is that almost all good news in the last 2 years have been used to sell shares to "us" long term holders or trading oriented investors. We have seen spikes in SP followed then by a slump in prices - even if the story was good.

Where there is smoke there is also fire and it seems pretty obvious to me the some parties are trying or have tried to manipulate the SP in some way with the aim to kick out the one or other investor out of the game and to benefit of the losses that he had to take.

The role of UBS should not be underestimated. I think they play a pretty important role. What made me very suspicious last year was a update released in October or so saying that they (UBS) would be of the opinion that BTR should disinvest from Perkoa and to focus on Kitumba. Okay...with the aim to avoid further dilution....they stated this after a "uninspired" PFS...which made me even more suspicious. Why disinvest from Perkoa if PFS is not attractive and Perkoa might be the only "cash flow generating piece" in the story? I guess they already knew that Perkoa was unprofitable. Do not forget that UBS sits in Zurich Switzerland and with the car you are in 20 minutes at Zug...where Glencore sits. Clear also to me that Glencore surely works also with UBS. So it is pretty obvious that the "dwarfs of the Bahnhofstrasse" have their fingers in the pie.

For pure coincidence now UBS is advising BTR with regard to possible financing options with regard to Kitumba also with the aim to avoid dilution. I wonder how such a deal could look like. Clear to me that Glencore is very probably out. Therefore other options have to found. Options that at the end are in the interest of the involved parties (UBS? "big boys"?).

Another thing that puzzles me a little bit. In the update by UBS they were very reserved with regard to the outcome of the OPFS. Interesting because just 2-3 months before they were of the opinion that the PFS could be improved substantially an that this might have a positive impact on the NPV and the economics - as we know this was the case...but no great deal for UBS. They do not attribute any value to Kitumba. Hellooo? Why not? Obviously because there is no interest to see a jump in SP. No idea why....but it looks like that to find a deal the SP should stay on low level.

What I also do not understand is the fact that the SP at them moment stays depressed. There are some positive indications around that would support a certain upward trend...but no...higher CU price...new substantial holder...no reaction. It seems to me that some parties are interested to keep the SP low to further accumulate.

Why? Because obviously in their plan the story might look like substantially better then we think and they hope to kick out of the game the one or other of "us".

My conclusion: I will not sell 1 share in the next months.

I want to see what happens at Mumbwa/Kitumba. I want to see the next announcements regarding exploration and then I will draw my final conclusions.

Somehow I have the feeling that these guys here want to make a killing profit with a currently completely undervalued story with a huge potential. What do they know they we don't? Is at the end Kitumba/Mumbwa a money-spinner?