Balmoral Resources Ltd BALMF

Slippery Slope?

[Chaulkdust]

Hawaiii you may be correct in your assumptions. I have very mixed feels about this total lack of direction. While the announcement (any announcement/news) is a plus it doesn’t mean much at this point in time. Here are some of my concerns.

First: The survey they refer to was started in October of 2018. I am not a mining expert but I question what’s going on here. Are you telling me it took 7 months to come to some conclusion on what “Maybe” in the ground? The survey software should have been able to generate the maps and must have been available months ago from the survey company or they would not have been paid. If I remember correctly they spent about a million dollars on this survey.

Second: Why is BAR all hot to trot on this new virgin area when they just started on the Central GUC virgin area with a measly 1500 meter drill program? Now they are talking about drilling this new ground- total BS? We do not have the resources to drill another potential find and continue on what we have already started. Is South Grasset and the Central GUC a flop? Have they given up on Central GUC before we even get the drill results? So far we have not proven anything about the ground until we can get out a RE that means something and moves that stock in positive direction. The shot gun approach has been and is a road to disaster.

Third: Given the steady decline in stock price and thus company valuation one would think that a plan to show solid value in the existing ground would be a priority. It is obvious that further dilution of the stock is necessary to move forward and get operating funds. The existing salaries of just DW & JF is around a million dollars per year + probably another 300k-500k for the board and other staff and other operational costs. So if operational costs are 1.5 million (may be more) how long does the 2 million we just received last, plus the million or so we had in the bank? Not Long. While I don’t like the prospect of further dilution it will be necessary. What I really don’t like is further dilution when the stock price is at a 3 year low and drifting lower and the company market cap is a joke! That’s just giving the company and resources away.

Just my 2 cents worth – perhaps I’m all wet but it’s what I see. I’m stuck hold the bag while I watch this unfold.