What lies beneath the price action, page-35

The main exploration over the years in BF was at Kollo. They had a few high grade hits but the gold was obviously very sporadic and not economical to mine. They tried a few times to come across something more substantial, but to no avail. All they succeeded in doing was to fritter money away that had to be replaced by capital raises at ever-lower prices; hence the large number of SOI. To cap it off they had a go in Niger as well, believing that if they drilled below an area of long-time artisanal mining they'd hit paydirt, but again it was just a waste of money. Originally they got into BF just after the GFC had put the kybosh on development of the Watershed tungsten project. They entered a farm-in agreement with Ampella (AMX) at Doulnia (Kollo) and eventually bought the rights to the tenement. I do understand their reasoning but unfortunately it didn't work out and now the company is saddled with the burden of a large share registry. At some point I'm sure they'll consolidate at 10:1, just as Lynas did. The latter had over 5 billion SOI before their consolidation, and without it they have a SP now of 38c rather than $3.80. As far as I know VML still own the tenements in BF.