Ann: 2017 Full Year Statutory Accounts and Appendix 4E, page-165

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16/03/18

19:21

Post #: 31818130
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Originally posted by loki01 ↑

Jackson should try to steady the BDR ship by announcing to the market their production and estimated costs for the first two months of the March quarter given his past assurance that they were heading into a period of much higher grade ore for the meill which should have a significant impact on reducing AISC and raising their ifree cashflow. The market would have concerns about how they are trending in the wet season so why not put any negative rumors to rest by being transparent.

I agree with Atomic that the reduction in market value of the stockpile by over $60m and its inclusion in the P/L statement for FY2017 has no implications for the mid term future of the company. Most people would have been aware of this issue from what has already been discussed here.

My view of the report is that one should have significant concerns about the company's financial position and ability to continue as a going concern (something sort of inferred by the report and the auditor), despite the likely $60USD loan facility from Sprott, which IMO will be accessed in full ASAP to meet BDR's obligations. I note that late last year BLK had a term sheet agreed with a lender which subsequently decided not to proceed with the loan, and the company subsequently had to raise capital at 4 cents/share to stay afloat.

I wonder what the analysts are telling their clients about this report.

Obviously BDR can not afford to have anything major go wrong on the production front over the next few years given the debts hanging over the company.

GLA

loki

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Dec Qtr AISC =~ USD 950/Oz
2018 CY guidance =~ 130 - 150koz
MC = ~100-110m
Plant optimisation completed mid 2018 =~ recoveries increase from 88% to +92%
exploration drilling ... completed dec 2017 ... announcemen when?
Sprott on board ... CPs for financing completed March 31

Simple buy today

BDR Price at posting: 8.9¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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Ann: 2017 Full Year Statutory Accounts and Appendix 4E, page-165

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