Ann: London International Roadshow Presentation, page-19

I guess the market has been burned over and over again. They need to start under promising and at least delivering.

I am in with a speculative punt. If gold holds up they will be getting more cash for their ounces as their production according to the quarterly is largely unhedged. They also bought a little security of 12,000oz for the next quarter in case gold took a major down turn.

"As at 30 September 2019 Blackham’s gold production is largely unhedged, with gold forward sales contracts for 9,060oz at an average price of A$1,990/oz, maturing by 31 December 2019. Furthermore, Blackham has purchased additional revenue protection via put options, which provide the Company the right (but not the obligation) to sell 12,000oz at a minimum price of $2,025/oz between Jan’20 and Mar’20 inclusive."

This is only in my opinion, not offered or to be taken as financial advice. Not recommendation. Do your own research.