further world class intercepts , page-27

stja

With all due respect, many here (and I include myself in that) have been following BTR for a long time and are well aware of what you're saying, however, my statement is that I fundamentally disagree with your statement.

The main reasons I disagree with your statement are:-
- Last year's high of $1.96 did not spark high volume selling; that tells me that the long termer(s') target is beyond the $2 zone;
- Broker valuations put BTR at the $2plus region;
- Inactive trading from majority of long term holders;

Other things I would strongly consider:-
- Which long termers are going to be selling their stake with:-
a) the strong news pipeline;
b) ongoing good to exceptional drill results from Kitumba;
c) cash from Perkoa imminent;
d) strong existing cash position for an exploration and mining company;

This is only a small summary of considerations, but there are many, many more. To the negative side, you could suggest that there would be macroeconomic factors to consider, price of Cu, price of Zinc, etc, etc, but there are also positive effects potential from that if things go in the opposite direction - so you would have to call things balanced in that respect, uncertain, but balanced.

As per the PFS for Kitumba there are also other factors which could have negative impacts to that project, but seemingly without it being priced into SP at this moment in time, what's the risk to the true investor? Minor is your answer.