I like the zinc story like others here but am a bit worried about BTR management. Let me know your thoughts...
1) Executive salaries are big! the main guys are on more than $700,000 per annum. How is this justified for a tiny microcap with no revenues? Presumably these guys set salaries in the boom and haven't taken material cuts to reflect reality. This concerns me given they are burning through the cash balance at a rapid pace.
In comparison the main guys at IBG are on about $200,000 pa. They seem more interested in the sustainability of the firm and looking after shareholders.
2) Why are mgmt spending money on exploration assets instead of putting it into the zinc mine to stop the firm's stake being diluted by the JV partner? Seems the better strategy would be to keep the bird in the hand instead of letting it slip to chase after birds in the bush, to paraphrase.
Considering big exec salaries, are BTR shareholders happy with the way things have gone? happy to have 27% of the zinc asset with more funding to contribute? happy to be charging ahead with exploration elsewhere?
BTR Price at posting:
24.0¢ Sentiment: Hold Disclosure: Held
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