The good thing that - at least as far as I am informed - the...

The good thing that - at least as far as I am informed - the large shareholder have the control of I guess 40-50 % of the shares (if not more then 50 %). Their cost price is probably around 1.20 to 1.60 A$. Apart of Northsound I am not aware of other large shareholders that would have bought substantial number of shares to diminuish the average cost price last year.

Therefore I think it is quite difficult to get control of BTR without pushing the SP upwards. If somebody would buy on the market it is sure that SP would move substantially higher.

Let's face it: At current zinc prices it is not very probable that Glencore will sign the JV agreeement in the next few months. That's it.

On the other hand everybody is waiting for the first drilling results from Mumbwa:

bad drilling = SP goes down (and I will probably accumulate even more)

god drilling = SP stays more or less where it is or moves slightly higher

excellent drilling = SP moves above A$ 1

If Mumbwa turns out to be a second Olympic Dam or similar deposit, then SP will in everycase moves substantially higher.

If for example BHP would be interested to take over the whole project (just a spinn off Mumbwa would also be an option) then I could imagine that the big boy would be approached or that they will approach the interested parties.

Then everything is depending on the economics of a possible project, JORC resources...what ever. It is just maths.

In my view the larger shareholder will not sell below A$2...I have even heard that their price target is A$ 6. Well...and I am saying: if Mumbwa is the HIT of the decade then everything between 3 and 15 A$ is possible.

Unfortunately at the moment we need a lot of patience and I guess nothing will change till we receive the first drilling results this year.

At least nobody is selling despite bad news from the zinc market (price..not forecasts) or a 10 % drop of the copper price. I hope this will last till we receive drilling results.