As traders we all have our criteria to minimise risk and maximise returns. But it's easy to get lax and break rules and rely on one of our most useless emotions - that being "hope".
As a result of this experience with BYR my risk criteria is now updated with the following;
1. Research the credibility of the directors BEFORE not after buying.
2. Director buying or selling is of SMALL significance.
3. Take warning when a company DELIBERATELY withholds information - in this case the Ghana Au fire assays.
4. Take warning if there is a delay AND share price weakens in the interim. (delays alone are common and no reason to lose confidence).
5. Never average down EVER EVER. I always had that rule tattooed on my forehead, but broke it on Monday so now I have to add the words EVER EVER.
I am disappointed at myself, an expensive lesson learnt, but those lessons that cost the most usually prove to be the most valuable. Despite upsetting the holders with this comment - considering the results, I personally don't see Balantindi alone as a takeover proposal. For all holders I'll be mega happy if I'm wrong on that. I see Mansouni as being useful at the right price, but at the moment it's only a wafer in the context of West Africa. However there is good potential there. But with all those options soon to be exercised, I'll just watch from the sidelines.
Commiserations to all who had high expectations, and I apologise to anyone who read my posts that commented on the basis of blind hope whilst ignoring my incessant and prophetic fear I held about low grade. I truly am sorry for being a ramper without properly posting all my fears, but I always felt confident we could fall back on the Italia results as a minimum. I now eat humble pie.
It seems that perhaps key holders were tipped off after the Ghana results and sold us down while we waited for the ICP-MS in Perth. I can't see that the company has done anything illegal, they can justify not releasing the Ghana results by saying they were inconsistent with the Italia assays and wanted to wait for a second opinion out of Perth. There is nothing disenguinous about drilling the extensions. Any geo would chase it - it is a big IOCGU - just a freakin' marginal one.
Good luck on the next one guys.
There are plenty of opportunities out there - we all only need a few good trades a year to make a comfortable living. Cest la vie. The hunt continues.
ANL Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
(20min delay)