From a pure rational perspective you are completely right. From a emotional point of view BTR has just distroyed really a lot of trust and confidence. As we know this was already the case years ago with Flory and his "the sky is the limit" outlook. A lot of long term holders have burnt their fingers with AIM (I remember a minus of 98% in SP in 2007 or 2008 - and a hole in Burkina Faso put on care and maintenance).
Let's stick to the facts.
a) positive ressource upgrade and more favourable view from at least on analyst (UBS). b) Zinc is above US$/t 2000 and outlook positive c) CEO starting in January d) A bundle of specialists and pro's working on the optimization of the PFS: Outcome could be better then expected. e) Outlook for Copper price mixed but rooms for surprise especially if demand bigger then expected (China, USA) and expected raise in supply do not materialize.
However...I believe there is still a very long way to go to see confidence coming back here. I guess this will be one of the main tasks for the new management...and obviously align these effort to the facts.
Would be also clearly be of advantage to see some kind of update from Perkoa. Businessplan, budget 2014...whatever.
I guess the next milestone is in April with the optimized PFS. I hope it will an important and decisive one. Maybe we will then experience a re-rating.
For the time being I see the SP in a very narrow range between 20-25 cents.
BTR Price at posting:
22.5¢ Sentiment: LT Buy Disclosure: Held
