Ann: June 2018 Quarterly Report, page-23

I dont think there is a need to wory about aisc

BDR have been very consistent at requiring
$50 million USD per quarter to operate.
So at $1250 they need 40k oz per quarter
2 quarters a year they havent managed 30k

Now with SJ and MACA gone
Costs will drop....how much
Is yet to be soon

The new contractor will be paid in arrears
So that should free up some of the cash required

I am making the case that BDR are a good risk
For the next 6 months.

1. As always the next 6 months production are the best
2. Ball crusher will be available this year.
3. Higher grades will be milled before ball crusher running.

What would be required for the future.

1. Full start up of the Sulfide plant.
2. Proven cost reduction
3. New Contractors proving that they are good miners
4. Wet season production well over 30k a quarter.
4. Consistent grades
5. A higher gold price
6. Hedging at $1350 and higher.

Cheers