I guess there is no reason to put lipstick on the pig. The...

I guess there is no reason to put lipstick on the pig. The outcome is not exciting. I leave it to analysts and broker to define how "not exciting" the outcome is or not. Reaction of the SP and the volumes shows that the market is rather disappointed. At least the one or other is buying - for what reason ever.

I really do not want to ramp up here anything. I am also disappointed to be honest.

Perkoa is fine...but without substantial appreciation of the zinc price will not really generate the profit that we might need to justifiy a substantial higher SP.

However...there is the one or other thing that might enlighten the overall story in the next 6-12 months:

The PFS has been based on the April 2013 Mineral Resources Statement with 100% of the ore mined being from Mineral Resources in the Indicated category. That means that the recent "high grade" results have not been included in the PFS.

This optimisation work will also be based on an updated Mineral Resource that incorporates recent high-grade drilling results, and is expected to lead to a PFS update in early 2014. That means that we have to wait at least another 3-4 months (I guess) to see positive impact here.

Economic evaluation using US$3.50/lb4 Cu price delivers a post-tax real IRR of 12.7% and an NPV of US$108M5 with an annual average EBITDA of approximately US$105M once the project is at full production. Well...that's fine and would mean in my view: If BTR would be in the position to finance everyhting itself then the might make roughly 100m per year and that would justifiy a market cap of approx. 500-600 m. Fine so far, but we know that this will not be the case. First the have to find somewhere the 358m for the set up. Not impossible but difficult. Dilution is guaranteed. This might change is copper price in the next years should raise and the project might become more profitable. But that is pure speculation.

Beyond Kitumba, there remains the possibility of further discoveries on the Mumbwa Project (approximately 1,000 sq. km held in 5 licences) and we are currently reviewing our exploration plans. Maybe Kakozhi is a game changer. Who knows? On the other hand I have waited years to see a "tangible" result from Kitumba. Therefore my excitement for further possible discoveries is limited.

As I said in the beginning: Let the analysts and broker make their analysis and come to their conclusions. I think the market has already drawn his conclusion.

This will very probably be my last post for a longer time and my sentiment has changed to a hold.