RE:Why isn't this stock really participating in the rally?
BTG is a red headed stepchild, for good reason. How many investors in miners have been burned by losing all or part of their mine in unsafe jurisdictions? A lot, & that is something an investor never forgives or forgets. Mali or Canada? Hmm,. Phillipines or Australia? Let me think on that. When new eyes with new money are searching for a gold miner, they have their choice between safe jurisdiction miners & unsafe. It doesnt get more precarious than Mali. So BTG trades at a discount. It is always going to be that gold miner that makes people question the risk when they dig deeper. A miner with resources in Canada, USA, or Australia making the same EPS as BTG rightfully finds more favor, more positive less risk. BTG is extra risk. Why take extra risk for the same amount of money if you dont have to? So BTG is that gold miner with awesome AISC & EPS, but very risky location. I have seen many mines nationalized in my lifetime, some 50% others 100%. We call it theft of property. They call it socialism in the national interest. It's always not a big deal when it's the other guys mine that was lost. It is a very real risk of loss mines in safe jurisdictions do not face. Probably, hopefully, likely the Mali mine wont be lost to nationalization. But it definitely could happen, therefore we are that red headed stepchild. As long as you know that, you can project for yourself accordingly. Yes, mining jurisdiction does matter. There is a reason junior miners advertise "safe jurisdiction", because we have seen many mines take the long road from discovery to production, only to be seized lock stock & barrel by Banana Republic government.