Ann: 2017 Full Year Statutory Accounts and Appendix 4E, page-6

Such great analysis so far gents.
Cannot wait for the encore...

btw @Mossberg - pretty sure the hundreds of employees and their family's actually do benefit from the company being a going concern.

Yes, BDRs financial results are terrible, but there are many factors to this, poor on the ground operations (stuck with Macca for just a little longer, although that is now being mitigated), a project that was stripped without looking to the future, lack of currency hedging would have made a huge difference, continued over-promising by all involved etc. I am not saying these are excuses, the management team now and before have a lot to answer for.

The company is valued very cheaply now, even with its debt. While I am very disappointed with the share price, the plant will soon be powered by mains, which will bring costs down, plus the plant will hopefully be fed higher and higher grades.

Am I blind to BDRs issues. No, it by far my riskiest gold holding, but its potential I believe far outweighs many of its peers (although I use that term loosely as its hard to really know where BDR stands).

I look forward to more knowledgeable posters than I to hopefully tear apart these results, for better or worse.