Ann: US$23 Million Capital Raising, page-36

Thanks for contributing JID

Just a point about the dilution level, its actually around 32% based on your figures, although the potential number of total shares if all goes as indicated (including loans getting converted in 4 years) increases by 47%. I have made the same mistake with BDR in the past but young binwood reminded what we both know - one needs to adjust the base shares on issue to get at the dilution percentage.

I am still holding my smallish holding (relative to portfolio) which I bought under 8 cents and thinking about this announcement. I dunno what I will do.

We need clarity about why the grade was so low last quarter and I am assuming will be again in the June quarter) - was it due to an inability to access high grade oxide ore due to wet ground conditions and that ore actually exists. If that is the case then they could have bumper low cost production in the September and December quarters with the optimised plant and oxide ore, plus lower cost grid power. The question would then be:

How do they handle all the debt/payables on hand?

Can they actually access high grade ore in the first half of 2019 - ie the wet season?

Will mining operations improve if they get rid of MACA in late 2019?

loki (the answers are blowing in the wind.)