Gold Turnaround Story of 2018, page-295

The valuation per JORC gold resource is based on enterprise value, net cash and debt.

BLK, net debt/liability = A$20m

Cash & gold bullion @31/12/2017: $9.8m
Cash raised in Feb: $33.1m (net of cost)
Total cash: $42.9m

Gross debt: $38m
Net trade payable (less inventory & trade receivables): $29m
Total payable/liability: $67m

Net debt/payable: $24m

Produciton guide: 40,000-45,000 oz for Jan-Jun 2018 at AISC A$1,100-A1,200/oz
Expected cash inflow from produciton: A$21m for current half year.

Debt free by calendar year of 2018.

DYOR.