Ann: Beadell Announces Board and Management Changes, page-104

The main risk at present, besides that they will not meet operational targets, comes from a falling gold price. I am expecting a bounce in the gold price from late November/early December into Feb 2016, as I think a 0.25% Fed rate hike will have been fully factored in by the end of this month in the gold price (but not in US equities).

The fear of a falling POG will keep all goldies suppressed for the next two weeks, and there is also the possibility of an end of year puke event due to tax loss selling in the US.

BDR is capital constrained due to its debt. That means it may not be possible to develop the UG deposit unless they do an equity raising or more borrowing. If BDR can appreciably lift its milling grade then maybe it will get the funds for U/G mine development and repayment of the loans - a higher gold price/cost cutting would also help a lot.

Lets see what the new mob delivers - I think it will be an improvement on what we have seen over the last 18 months and BDR is cheap given its potential, so there is some good upside potential.

loki