Debt free and SP stagnant?, page-5

I sure hope they do NOT go crazy spending their money. They could immediately spend millions PER month drilling. Then spend millions upgrading the plant. That seems not so wise to me. The wise approach (just my opinion) is to

1) allocate a (small) drilling budget that is minimal to keep tenements valid (in ownership)
2) allocate a (small) budget to obtain other tenements (then do 1) on them
3) with the extra cash coming in allocate the profit to tax losses until they are gone
4) begin a share buy back
5) after all losses are used up, pay franked dividends

From the annual report
-total accumulated losses at 1 July 2018 of $26 million
-lost $8.5 mill in 18-19 year
-total accumulated losses at 1 July 2019 of $34.5 million
-profit $11 mill in 19-20 year
-total accumulated losses $23 mill at 1 July 2020 of

So if I read correctly the next $23 mill of profit goes into the bank (tax free)

6) in this year past, the eps was 0.0039... that is a PE of 10 on a part year production; as writers here note the 'in the pocket' cash / profit for this fin year should be double or treble; so let us assume a PE of 5; the point is to mine the gold at a steady state as the POG increases; obviously we are holders in a gold miner because we think POG will increase

The entire premise of my post is that I think Mr Market thinks a few things (that I believe are incorrect). Mr Market thinks the mine life is 5 years and we done. Mr Market thinks the POG will not rise substantially in the next two years. They dont even think it will rise 10% from where we are at (gold miners are priced for a stagnant gold price). Mr Market thinks BCN management will be unwise and spend like drunken sailors with the cash.

In order to prove Mr Market wrong, BCN needs do all with moderation for a year or two, then there is no ignoring $50 mill cash in the bank for a $100 mill market cap company. And I truly feel ANY small increase in resource is all that is needed for 'respect'. Just keep resources at 5 years. Mine a year, discover a year, mine a year, discover a year etc. Mind you, I am a Johnny come lately. All you past, long term holders are already well in the black. Good for you!

By being conservative, BCN is guaranteed steady growth and profit. And the longer you poke around the better chance to find a much bigger resource. And the longer you steady state mill, if POG rises, then your gold in the ground (and future profit) increases.

My 'rant' is why I started investing in BCN. I was not as forward thinking as you guys that have already doubled your investment. I kind of waited for a 'sure thing'. Is BCN a sure thing?