It's a tough question - as the person who took a hit, my thought...

It's a tough question - as the person who took a hit, my thought process had a few drivers that made me take that decision. It is may not be particularly useful to anyone else but I am OK to share it. I am not actually annoyed by it, but I had just reached a stage where the upside seemed to have disappeared, or at least moved too far forward. The things I went through were:
1. No cash injection, and nothing else on the near term horizon to drive value
2. Togo - directors seem to have all but written this off, may well still happen but I think it was about 3 and a bit years since first speculated and probably 3 years since it was 'formalised'. There have been more general elections in Togo than decisions about this tender, and my patience has run out for this opportunity.
3. Continuing dilution - expected for smaller companies but you at least like to think it moves the business forward. Instead we have moved from early stage base metals explorer to early stage coal explorer in an unfriendly financial environment to both coal and explorers.

Point 1 is probably the most important for me. It remains a difficult market and generally companies that are not progressing tend to be slowly sold down. Unless marker sentiment changes substantially, I felt there was a risk of this happening with BMB, and there is not much liquidity to exit a position easily.

I may well have been the person that sold at the low (lucky I bought plenty around the lows of 4 and a half years ago or so) and if that is the case so be it.

If BMB do progress their coal assets then I think I would be interested to revisit taking a position again, but it comes down to making some real progress. For me at this stage it is not really a question of what share price it is worth buying at, but rather of management driving some value for shareholders - something they have not done well for the last year or so. I hope they don't have another boardroom epiphany and flip the coal assets for another 'next big idea' exploration opportunity, in which case I doubt I would look at BMB again.

A bit long winded and I am not sure it is all that coherent, but that was my rationale for good or ill.

This is not financial advise, only my opinion.