Ann: June 2018 Quarterly Report, page-19

Before DRM did the $25 million capital raising early this year they had net debt of $23.6 million and there is no real evidence IMO that they are out of the woods ($3.5 million added for a quarter with annual gold production of 65koz is not exactly a record that makes a gold investor drool. They better not be high grading Deflector or the SP will be back sub-20cents before not too long)

BDR has current net debt of A$52.3 million.

If you believe they can make positive cash flows quarter after quarter while paying down there debt schedule then they have a chance of survival. So far they have a large loss making record and have survived on capital raising totaling over $132 million since Feb 2016. That can’t continue forever if they keep printing losses.

If you think the Brazilian miners can turn this company around in the next 6 months (when they aren’t even going to be fully mobilized until early November) where MACA failed to do it and by producing less gold then go ahead and put your money in this company. I love the way they sell a drop in guidance as a positive, pure genius. Esh