Ann: Presentation - RIU Sydney Conference May 2016-BLK.AX, page-18

Here is an interesting slide from a competitor (GCY).
Puts BLK in a very good light IMHO.




Especially considering that GOR, DCN and GCY are all 20-30 months of being a producer, versus 2-3 months. Also, none of the above are fully funded for development.

Australia has quite literally, very few up and coming 100+ ounce p.a producers.

I will be very open, I used to hold GCY, but felt the valuation became too stretched. I also hold SAR and DRM, with BLK now. All 3 compare very well and should see significant share price appreciation as they transition to their full year guidance targets.

Also, food for thought, the bigger end of town are getting much higher multiples for their ounces produced, so logically can pay a very high price for any additions (and then receive the same high valuation for their newly acquired production)

I might add, that the likes of RMS and SLR have very short LOM plans, so I believe that is one of the biggest reasons for their lower status.

Good luck to all holders. Very much wishing I had been more patient a couple of years ago when I held BLK shares. Live and learn I hope!