Ann: Quarterly Activities & Cashflow Report December 2018, page-177

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05/02/19

20:08

Post #: 37340621
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Originally posted by faruque ↑

Anyone want to add few more lines?
Dear Blackham Management,
Being a very small shareholder of BLK I might be not the right person to point out all the mismatch and failure of BLK management that have caused huge negative shareholders interest. I would like to draw your attention on below points and expecting update.

FromSEPT’18 Quarterly ANN:
· Higher grade Wiluna ore is expected to increase production in the Dec’18 quarter
· Expecting Dec’18 quarter production of 20,000‐23,000oz
· AISC/oz expected to decrease in Dec’18 quarter and over remainder of FY19
· FY19 production and cost guidance reconfirmed at 77‐89koz @ an AISC of A$1,250‐$1,450/oz
FromDEC’18 Quarterly ANN:
· Dec’18 quarterly production less than guidance due to lower than expected mined ore grades particularly in the upper levels of the open pit mines. Slower underground mining development also contributed to lower mill grade.
· Dec’18 quarterly gold production of 19,016oz (Sep’18 Qtr:19,049oz)
· AISC for the Dec’18 quarter was A$1,606/oz (Sep’18 Qtr: A$1,588/oz)
· FY19 production guidance revised to 72‐80koz @ an AISC of A$1,500‐A$1,700/oz primarily on the back of lower first half production

My Query is:
1. September’18 report was published on 24th OCT, that means you already have the idea how things were going on for DEC’18 quarter. Still why you have misguided the market assuring ASIC and production guidance? Isn’t it failure of themanagement?
2. You have noticed that DEC’18 Quarter was bad and you need to revise the ASIC & Production guidance. Why you haven’t updated market in the middle of January’19. Its management responsibility to inform market as soon as they know guidance won’t be met. Isn’t it failure of the management?
3. Is the management aware of current share price ofBLK and can they explain why it is so low? Isn’tit a failure of the management as market is not trusting BLK management?

In fact from the last year (2018) if you read all the ANN you can see management have heavily over promised and under delivered.
When did you see a company MD purchased ZERO shares of his own company?
I would like to hear the update and also it would be nice if market can have monthly production update since BLK management is not working for the true interest of the shareholders.
We will also try to combine some small holderstogether and call an EGM.

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I thought BD had participated in the CR from last feb, chucking in $500k of his own money to buy shares at .04c?

BLK Price at posting: 3.2¢ Sentiment: None Disclosure: Not Held
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Ann: Quarterly Activities & Cashflow Report December 2018, page-177

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