BGS 2.86% 17.0¢ birimian limited

Its like a breath of fresh air this constant directorshipbuying,...

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    Its like a breath of fresh air this constant directorshipbuying, especially after a deflating delay.

    To be greedy, would love to see the Captain buy a few more,however BB and directors have been doing most of the buying at these levels, withoutknowing all the information, the plan they have must be extremely sound, riskaverse, methodical but improve our chances of success. Extra drilling suggeststhe DFS should be staged from a 2mtpa operation minimum, to a 4mtpa finaloperation. An extra focus on optimisation on transport costs and metallurgyafter already suggesting in previous announcements (the quarterlies) prior toour Corporate update that material savings are likely, suggests $250t cash costis not unlikely.

    Chris has the right as the man in charge to take ownershipof the Project, and has made immediate changes to bolster our plan forward andmake it realistic. It appears the previous plan had many holes, and was lacklustreto what is actually required to deliver a project in production based on theCaptain having actually built one that is now at nameplate.

    The delays are bloody disappointing looking from the outsidein.

    But from the inside out, it appears we must be missingsomething.

    All in all, risk drops, chances of success increase, albeitat the cost of time.

    To maximise BGS’s returns you need arguably two main things,offtake and finance (being one), high lithium sentiment (being the other).Considering that Lithium sentiment doesn’t appear to be getting worse, and thatour Corporate update mentions offtake running in parallel with the DFS, wouldn’tsurprise me that 2019 both of these outcomes eventuate. Don’t know for sure ofcourse and don’t know when, but if the directors are buying and continue to buythe panic sells, it suggests to me that patience will be rewarded.

    BGS knows all too much about patience.

 
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