Even taking the risk of being flamed here by the shareholders...

Even taking the risk of being flamed here by the shareholders who believe I am a "Drakeman", I would like to express (and even clarify) some points regarding this take-over attempt.

First of all, for the ones who kept all their securities, a compliment. You have the long term vision, are here for the money, of course, but also for the company and for the history. But not everyone has the same kind of vision, and some of us have bills to pay and others have other companies to invest, or they are punters, or short-term traders, or even day traders.

I am here to make profits, even if that is not popular. I sold a big part of my shares because I truly believe they will go down much more than a bit in the short or even medium term. That brings oportunity, that is correct, and mitigates the risk if one is able to buy it later. Otherwise, it's better to move on.

A lot of you thought I am a Drakeman (and probably still think, and a scapegoat is useful in moments of stress) because I don't share all the optimism around here. I confess, I don't, as I am not emotionally involved with this (or any other) company. I also have quite a few reasons that refrain me a lot regarding BBX, and I will progressively expose them in different posts, and probably different days, as some are quite complex.

Regarding Drake, this take-over by them was, evidentely, greedy. They aimed for 90%, knowing that would be almost impossible, but aiming at 50% as reasonable target. They knew what I know: most of the sells in a hostile take-over happen in the last days, particularly on the last one. I previously told that here but the answer was: that is the worst case scenario and it won't happen. Well, I said they would get there if they exercised their options, and they almost don't need to do it.

What are Drake's intentions? One of them is obvious: money. They want to pay what to us seems peanuts for what can be a big exploration. I know, most of you think "it's for sure a big exploration". I disagree, and I have plenty of reasons to do it. Later I can return to this subject, but not for now.

The other reason is control. I don't know if there are disagreements between them and the directors, but it's always bad for a company when the major shareholder clashes with the board. They want to set their rules, and the timeline of a junior mining company does not exactly fit with the timeline of a financial one. The latter wants it fast, short-term results, sell the company and move on. Maybe that's why a lot of banks around the world face serious troubles, but that is another matter.

They also probably thought they deserved the candy: as they were the main backer of BBX for the last year (and in some periods the only one), they probably felt they deserved all the pie. That is selfish, but it can be expected.

But one thing crossed my mind for the last days, and now that the bid was finished, I can express it here: eventually they want to delist the company. That gives them much more power and much less obligations to the remain shareholders. I truly believe in this, and it's still a possibility. Even with only 49% of shares, it's very easy for Drake to push their resolutions in a GM, and they know it. I honestly expect they can not go with that plan (if that is the case).

However, the main problem for them persists: even if they sack the board, and even the rest of the team, things will go at a much more slower pace than they expect.

In one of my posts, I said the share price can go to about 2c in the short-term, but above 50c in the future. I also said BBX will need money and I was flamed for saying that, and I maintain what I said. Even with the money of the options entering the company, that is far from being enough.

BBX has what can be a very valuable asset. But the anomalies in the minearology are quite tricky. I would like to return to this subject later, since it is quite long. Some of you believe the problem is solved, I don't.

I noticed you expect the next batch of results to be highly positive (and eventually that was also Drake's belief). I have a slightly different opinion, at least in part. What is below the ground on Juma can be a beast. I don't discuss that. But measuring it is the main question here. And I think that problem is not solved and the resolution may not be on the corner. And that's why I say 50c and I don't say 3 or 4$.

Now, how long will it take to get the results? It depends. If made by fire assay, it can take a lot of time until BBX is able to bring to the market consistent results. It's very good to have a batch of results, but if you test again and the result is very low, then it might be better to keep working on that. I believe this is the cross in the question. They are working really hard with not a lot of means, but to solve that problem three things are needed: money, knowledge, and time.

Drake can bring the money, if they want (on their conditions). I don't believe in Drake giving BBX enough time to fulfill all the potential Juma has. Drake cannot also give them knowledge. Drake can buy it, yes, but "cracking the code" is hard, and by that I mean BBX having consistent results on their fire assay tests.

If the BBX team had already done that, why don't we have results by now? Why do we need to wait for November? There was also this in their September update that caught my attention at the time: "A series of tests was then undertaken using the oxi8B pre-treatment method on 4m composite samples over the interval 142 – 299.44m and the JMA method over the interval 250 – 299.44m, returning only trace levels of gold. These tests were carried out using larger-scale equipment generating conditions which differed from those used in the original test work, due to the scale up effect from single-sample experimental work to batch-scale testing. These tests are currently being repeated in an effort to precisely replicate the conditions used in the single-sample tests."

When I read the report this week, I got cold feet. They were expecting to have results to show in the beginning of the week. Then, in the middle of the week, the report was out without results. Somehow, it seemed to me I was in November 2015 again, when excellent results were expected, and what came was... you remember. In that moment, I started to have doubts: could they solve this problem in short term? Or it will happen the same again?

I believe in what they are doing, but it is extremely hard for them to have results in a short period of time. Will Drake be patient? I don't have the answer, but the candy on their mouth might take a longer time to digest than they expect. And that eventually would be the most interesting outcome for all of us. Most of you don't expect negative results (or mild, at most). Drake also doesn't. But that can happen. If that is the case, don't give up, unless you don't have time to wait.

Is this a cold vision? Yes, it is. That's why I haven't sold a single share in the December debacle, but also why I sold quite a lot now. And why I am planning to return later, adding more shares to the remain ones.

Have a good weekend,

The "Alleged Drakeman"