Ann: Appendix 3B, page-15

Risk and Ivan
If you guys are happy with the options issue of 19m options- good for you . If you think a 600k salary ( plus bonuses ) is not enough for a 130m company , that's also your perogative. However an option issue of this size simply dilutes the share base and the value of your shares if the company does turn around. Quoting the % difference between ex price and Current price is also not convincing. If options were issued to PB when the SP was 11c for a strike at 16c that would be a 45% premium to the price at the time , but would this be a true hurdle . This management in theory should be able to stabilise operations and get SP to over 20c in a blink if they are any good and if one truly believes the assets are good but they have been mismanaged. Let's not forget BDR has been one of the worst performers amongst ASX gold listed companies , and underperformed their peers by a massive amount . Bringing it back in line with index performance is not success IMO. I would argue it's a minimum expectation. However, in the end your responses are why ASX juniors continuously skin companies balance sheets , due to apologist or apathetic shareholder when it comes to fair rem schemes.

In the mean time gold continues to track down and this is where BDR will make it or break it IMO