I’ve been a long term holder of BMN and a long time reader of this thread. I don’t comment much because I believe in speaking only if I have something worthwhile to say. Quality over quantity in my opinion. I gather that some others on this thread just like to see their name on the board as many times as possible.
My 2 cents on the current state of play with BMN is that we’re on the cusp of a company defining announcement, and in the period leading up to the PFS being released (which has been over the past few months), technical indicators are becoming less valuable and reliable to use. That’s not to say they’re useless, I look at the charts every night, and apply technical analysis to most of my trades (now), however I’ve seen too many technical ‘buy’ signals with BMN over the past few months that have not materialised. I put this down to the stage BMN is at in their life cycle. By all means continue to discuss the technical aspects of BMN, but I just don’t think they’re as meaningful in the current state of play.
BMN are moving from explorer to producer and most people in the investment community now know what BMN have as far as deposit / grade etc... What almost everyone doesn’t know is exactly how profitable the mine is going to be. I’m sure Tibbs has mentioned in the past that this period of transformation will frustrate a lot of holders, where resource upgrades and drilling samples wont excite the market like they used to. These announcements aren’t as ‘sexy’ as they used to be. And credit to Tibbs, it’s playing out just like he said. Some posters are expecting 10-15% gains on new drilling results like used to happen in the past. It’s not about that now, the deposit is there and will only get bigger. It’s all about profitability now.
Due to this transformation stage with BMN, many investors will sit on the sidelines and wait to see what the PFS shows. For current holders, this is what we’ve been looking forward to for a long time so why sell now when the finish line is near? It’s that time when people are getting frustrated with the stock that things happen…and I sense a lot of frustration at present. I know it’s tough looking all around and seeing other stocks soar higher and higher whilst good ole BMN bides its time. Most people have seen how breathtakingly quick it can move when it wants to though…and I’m sure BMN’s day in the sun is not all that far away.
I can understand prospective investors feeling reluctant to invest right now, they would rather wait a few weeks and see what the PFS delivers. Some more aggressive investors will invest now hoping for a good PFS, however given what’s happened to world markets over the last 2 years, it’s not suprising to see a majority sit on the sidelines until things become more clear. It’s this reason that I believe volume has dried up…retail / institutions sitting on the side until d-day.
Summing up, I guess what I’m trying to convey is that we should not treat technical and fundamental analysis in isolation…we must also have an appreciation of where the company is in its life cycle. Lets not focus on the daily price movements but concentrate on the bigger picture.
FYI - I bought in at the $3 mark so have a long way to go to get my hard earned money back. No point moping around and commenting on $0.05 moves every day. I’ve been to hell and back and suffered financially, mentally and physically through the last 2 years with BMN, especially that day it hit the low $0.20’s…I’ve certainly learned a lot of investing / trading lessons with BMN the hard way and do not intend to get out now when we’re close to the announcement which will send BMN on it’s rightful course.
Just to finish, I’ll be honest and say the quality of the posting on this thread has somewhat deteriorated recently. This used to be a really informative thread however the standard is really on the way down. There are those that post informative, well thought out posts and I thank you for that, because it makes following the BMN story all that much more exciting, however more and more posts are just becoming noise that we can all do without.
Enjoy your weekend.
SW
BMN Price at posting:
$1.22 Sentiment: LT Buy Disclosure: Held
(20min delay)