Ann: Significant Mineralisation Beyond Reserves at Williamson, page-32

Hi all, I'm pretty new into investing in stocks and whist I don't own BLK I've been following it for a while.

One thing I have noticed that when posters are calculating what the cash position could be in the future there are a few factors that don't appear to be considered that can make a big impact:

1. The AISC does not include all costs of the business, if you look at the last quarterly $160/oz is stripped out of the ASIC capitalised costs
2. Again, looking at the last quarterly the stockpile movement of -$126/oz, this is most likely the bullion on hand (plus other ore stockpiles of lower value), if there is less on hand at 31 March 2019 then expect this number to be positive, therefore increasing the ASIC
3. As well as certain capital costs an AISC wouldn't generally include all corporate costs, I note there is a $20/oz allowance but if you look at admin costs in the 30 June 2018 accounts the total is $4.1m then based on an average quarterly production of 19,000ozs it would equate to ~$53/oz
4. Trade creditor position, until the Half-Year results come out we don't know if they had increased, any catch up in creditors obviously reduces cash and I doubt anything is being paid in advance at the minute

Points 1 & 3 increase the total costs of the company per ounce, point 2 is more for info.

As long as there is liquidity in the shares then where possible the debt will be converted to shares and most likely sold on market to reduce exposure, there are a number of these type of deals in the market and they have had varying results.

I hope the above of use, if not please feel free to ignore it