Improvements? Did you bother to check resource numbers and compare them with previously stated 750 KOz? These numbers are down big time and if you think that market participants do not care or concentrate on “improvements” then it is wrong. Management told too many things and numbers in past that didn’t come true and so company credibility stands very low.
Current BH resource (still non-compliant with 43-101) is lowly 230 KOz (plus similar amount in "geological potential", i.e. something never tried by drilling). It indicates that 100% ownership now means owning less gold than it was stated in time of 50% ownership.
I never put much trust in the previous resource estimate. In any case, it's hard to define a large resource for a narrow vein underground mine. I am more interested in what they are actually going to be mining. It appears to me that they have mapped out a very attractive resource and intend to document it with a 43-101 report. I would rather have a 43-101 resource of 229k at 0.36 than a historical estimate of 750k at 0.28.
Look at RXE. Many similarities to Butte Highlands and located only about 100 miles away. Just put out a 43-101 M&I resource of 53k Aueq oz at 0.30 o/t and Inferred resource of 45k Aueq oz at 0.28 o/t. That stock has a market cap of $66mm.
The cost of mining 0.36 o/t is the same as mining 0.28 o/t. The higher grade provides an extra $132 in cash flow per ton, about $60000/day and $20mm/yr. I can't speak for other "market participants", but that seems important to me.
I liked the picture/info on page 13: red zone has 275k tons at 0.39 opt. That's $646 of gold in each ton of ore. Lose some in mining dilution and plant processing, but will still end up being highly profitable. Put that ore into a 43-101 and it may draw new interest to the stock. And they are finally talking about an extended mine life.