Ann: December 2018 Quarterly Report, page-6

Good appraisal Cashew.   When I read through the quarterly, it struck me that production ought to be higher (given grade improvement, new contractor, mill upgrade etc).   Additionally, ASIC should be lower than the forecast given lower costs for Sep and Dec Quarters.  It didn't make sense. 

I did suspect that maybe BDR were being overly conservative, to accentuate production mediocrity and high costs, in order to reinforce the case that the scheme with Great Panter should (necessarily and urgently) go ahead.