Ann: June 2018 Quarterly Report, page-35

Sir
I cant guarantee the cash position
But I can have a guess.

Somehow you think that Nicole
Has been running the company
Since she joined 2 years ago
That would suggest SJ
Was not running BDR
and in fact has been Running Redback mining
As he has remained on the board there.

As CEO I would run the company as I
Think is best.
I would tell the BOD what I am doing
Not the other way around.

Last quarter cash position dropped about $15 million.
Quite a bit gone on Capex and Macca termination.
I will allow $7 million this quarter.

Guidance for the next 2 quarters is 75k to 85 k
I will look for 35 k oz this quarter.
So extra earnings and lower spend
Should allow about $20 million better quarter.
.........cash positive but not much
Due to a lower gold price.

Mining contractors always carry some of the risk
If it is a long term contract.
So my guess is the contractor
Will be getting paid in arrears.
This will allow the cash position to appear
better than it actually is.

45k oz plus in the December quarter
Could increase cash to over $40 million
Almost enough to get through the wet season
This is where the contractor has to
Be able to increase ore supply to the mill
from previous seasons.

If the next quarter isnt going the way I hope
I will ditch and move on.
........

My lastest buy in was 5.4 cents.
Given how the likes of SBM and RRL
have performed in that time
I feel fortunate....but the gold price
will need to bounce in the couple of weeks
or everyone will need to reassess their positions.

Cheers