Pretty sure it is market sentiment which is very negative to resource sector at the present time, especially coal. Plus BND is still 12 months away from producing anything, no mining permit and no JV partner yet.
Once they get these three items ticked off, I would expect good times. In the meantime investors will put their money to good use elsewhere.
Having said that. current share price is ridiculous and not reflective of the company and its fundamental situation.
BND Price at posting:
13.5¢ Sentiment: None Disclosure: Held