I have tried to figure out what has happened since end of...

I have tried to figure out what has happened since end of January till today.

In the first phase it came to a drop from 1.45 to 1.25 happened the 23rd to the 29rd January. As we know triggered by trading halt and the subsequent update from Perkoa and the meanwhile knowns (and resolved?) issues. We lost roughly 14 % with a volume of 1.114m shares. At that time the world seemed still to be okay because everbody knew that Perkoa is important but it is not the salt and pepper in the BTR soup.

We have seen then a 2nd phase between the 29th of January to the 3rd April with a drop from 1.25 to 1.0150 and a total traded volume of 15.5m shares. Drop was another 19%.
Volumes peaks the 13th of March with 2.35m shares and the 26th of March with another 2.75m shares. The "peaks" were not followed by a drop in the SP but rather with higher intraday volatility and the SP was more or less sideways.

The 3rd and most dramatic phase was the fall from 1.015 to 0.44 between the 3rd and 22nd April with a trading volume of roughly 8m shares and a drop of 57 %. Obviously here the trigger was resources update from Kitumba.

So if there was some "insider" aktivity it must have happened between end of January and beginning of April and in the light of a possibly "dissappointing" resources update from Kitumba. It might be that here somebody knew more and some shareholders have sold some larger positions knowning that possibly ther market would not like the figures.

So really the great question mark here is: why has the SP dropped another 57% within a few weeks ? Have really insider sold their positions in BTR? Have really some larger holders sold their stakes ? I have difficulties to believe that.

If this really would be the case, then somethig dramatic must be going on behind the scenes and at least for me it is difficult to figure this out.

Perkoa? mmhh...might be...but why and what? In the past Scott was always very disciplined in regard of trading halts. So if there would be something important that should be not come to the public before officially been released, then Scott certainly would ask for a trading halt. I am rather convinced that he would do so, if not he would loose his credibility and after having done such a good job in den past 2-3 years I really doubt he would put that at stake.

Kitumba? Well...the last update was okay. Additional drilling rigg moved to Kitumba. Further drillings and also reading between the lines the update was not so bad overall. Probably 12 months ago everybody would had said: Nice update!

What might be: Some drilling results are still pending and it might be that those results would confirm that Kitumba does not further extend to the West and North West. With other words: no further upgrades in regard of Kitumba. But even then I am not sure if a drop of 57% would justified.

So this is really a puzzle.

In one point I agree with different comments here: We should see a clarifications with regard of the massive drop in the SP from management. At least an update from Perkoa should be released showing that everything is fine and on track.

The longer we have no news, the longer there is plenty of room for (wrong) speculations pushing the SP further to the south.

PS: I guess everybody knows here that Scott is holding 1.5m shares. What would be really dramatic would be the fact if Scott or some of the other directors would have sold their shares. As we know this has to be announced and as far as I know we do not have seen such "changes of directors notice" in the past few weeks. Last director buying was the 23rd of March at 0.9350....so just 2 weeks before the release of the Kitumba update and the following dramatic drop in SP.

A lot has been written in the last 2 weeks. I guess the question in the room is still the same:

WHAT IS GOING ON HERE ???