Ann: Beadell Exploration Strategy Update, page-3

After reading through the update, I am.... dare I say, hopeful that the company actually has an MD that is going to run it as a business, not a gold mine. i.e. Just do what others are doing, NST is the market leader because they want to make money first.

The review, and major change in focus makes perfect sense. Really does make me wonder why the plant upgrade was not done years ago....

I only hold because the ground is proven, to hold million of ounces. The challenge is to produce it commercially. BDR would not be in the position its in if it was even just able to produce at 1.6g/t (below the reserve grade!)

The update implies that the new reserves and resources will be changed from the past due to using a single price for the pits. I assume that will reduce the reserves, at a guess, but... BDR has enough gold for now, now matter how much they re-evaluate.

As for a confession, well... I think BDR needed one. Time to focus on what BDR will look like at the end of the year with the plant processing sulfides at even just the reserve grade.