your assertion "the quality of the asset base has not changed"...

your assertion "the quality of the asset base has not changed" -is based on what?
1.Grasmere was not a property of the extant BLR
for those interested go to http://www.blackrangeminerals.com/KoonenberryProject.html
2. Crookwell Base Metal Project, NSW -This project lies 50 kilometres to the north of, and includes the same sequence of rocks that host the former Woodlawn massive sulphide deposit (18Mt at 2% Cu, 2.6% Pb, 4.2% Zn, 95g/t Ag and 1.8g/t Au).
http://www.blackrangeminerals.com/MulloonAndCrookwellProjects.html

3.and finally the most important structural change is the calibre the new management [post receivership]