I appreciate your conviction.
Addressing the issue of doubt and the reasons longs are selling is a worthy consideration not in your mention.
As for the "nickle... would be @50 cents..." Well, we're @ .05247. That's a nickel. But find something else if you must. BAA 4s to 5s are here.
As for previous "down times turn into good, from 11s to 40s," yes, this was BAA early to mid 2016 when miners went on a tear. And true, it may happen again, if Gold jacks in price in a sustained manner. Further, Banro needs to have some equity left for common shares to be of value irrespective of Gold price. Banro mngt wants to give away even more gold equity to support their wild spending habit. That's why they get paid the bucks for such decision making.
As for "it is only a loss if you sell it," well no, if you spend to buy shares and never sell this is an effective loss.
And.. It is only a WIN if you SELL it.
BAA 11.5 to 48 cent in 2016 is only good for anything if sold in 40s, or 30s, or even 20s, or even teens. BAA at $.5247 today, is now half (and then some) its previous all time 11.5 cent low (equivalent $1.15 current price). And most who previuosly bought at those lows were in BAA near 12s, and 15s, and 17s, and 20s.
Having held to here, and riding it down, this is not a win, or good investing. Just stubbornness possibly tempered in hopeful dreaming. I think qualities of how snowflakes are considered.
