Ann: 2017 Full Year Statutory Accounts and Appendix 4E, page-149

I cant believe retail investors are still holding.
Surely the future rewards was a joke.
It did make me laugh.

Maybe I am just cynical
or maybe it because I have followed BDR for years.
I was lucky to have made money.
Others have not been so fortunate.

Another wry smile comes from reading newbies
Who thought they were getting in low around 10 cents
They ask other wiser investors to move on.
Maybe reading and learning should come first.

Sprott are willing to have first nod at assets.
In the end I see Maca would want a fair slab of what they are owed.
and Sprott will own the rest.

Ignore everything except the bottom line.
$100million loss last year
How can this be turned around.
They would need to produce 75k more oz at no cost
To break even.......guidance is for 22k more oz

There are no future rewards

in 2016 CR of $50 million was chewed up producing 150k oz
In 2017 CR of $50 plus was chewed up producing 128k oz
In 2018 no CR as large holders have given up ...desperate secured loan.
In 2019 No CR ....no loan..... no BDR.


Imoo