Thanks,
George
BTR is up 11% over the past three months, 29% year-to-date, and (18%) on a one-year basis. It is pre-revenue and has a very small market cap of $42M. It has a $35M exploration earn-in and JV agreement with Osisko mining, and the CEO has a successful track record of building and operating gold mines. Its small size and negative cash flow make it a tough sell to investors, but, its negative free cash flows have been improving since 2023, which is helping to support its price. With the price of gold rising and other gold miners seeing strong price action, we feel it needs good news to move higher. We would be highly cautious here, given its small size and negative long-term returns.