Hi Fangk and guys, I think all you need to look at Fangk, is the...

Hi Fangk and guys,

I think all you need to look at Fangk, is the following table:



However, I would also point out something a little more subtle ...

The WGC's formula for AISC is based on gold sold (not produced) as the denominator.

Thus, BDR are reporting AISC as US$1,204 per oz on 32,165 oz sold. This would equate to costs of US$38.7m

If, however, this was calculated on production oz of 26,386 and suddenly the TRUE AISC of US$1,466 becomes apparent.

That means Tucano is losing money at an operational level before any of the no insignificant admin, governance and compliance, debt servicing, and exploration expenditure is taken into account.

And yes, I understand that this is the toughest Q each year. However, the good Q's are barely breaking even let alone providing large enough surpluses to cover the bad Q's each year.

Unless Sprott can see how Tucano will be turned around operationally, I would not be willing to assume the debt/ option deal is across the line yet ... no matter what Sprott insiders are telling people.

As always, losing money hurts, so good luck fella's ... not needling in any way. BDR is, however, close to being



Cheers
John