Ann: December 2015 Quarterly Report, page-30

Spec

At 21-12-15 debt was

1. $USD45m Santander loan repayable USD5m quarterly with the next payment due in January (should now have been effected so this debt would now be USD40m (with a commensurate reduction in cash balance after also taking into account interest payment!)

2. USD6m unsecured loan due to be repaid end of June 2016, which I understand they can rollover into a later period;

3. MACA loan balance of AUS13m (no interest payable, with progressive repayments to be completed in June 2017 - see further details in half yearly report (page 18) of link)

http://www.asx.com.au/asxpdf/20150828/pdf/430x60wc96qys0.pdf

That report indicates that restricted cash at 30 June 2015 related to MACA was $AUD7.2m.

So you are right - the company's cash position is very tight. If they did not add to their cash balance since end 2015 then their unrestricted cash and bullion would now only amount to around $AUD8.5m. But since they have stopped wasting money on digging at Duckhead where the strip ratio is 60:1 they are probably saving money if they have been able to maintain the production at 13kounce/month.

Goldbear and Worzel1 are right to point out the potential reason for the latest presentation (and I am sure others like me also have our suspicions - also JID?). And people are wondering why the share price is doing nothing in the face of a stronger gold price? I am sure the shorters are fully aware of BDR's finances and until this is remedied the share price will stagnate (unless gold rises another USD50+).

Duckhead had better be fully stripped and I hope Atomic's sources were right about this but I suspect there is still a fair bit more money to be used there and they just can not afford to continue at present until they have built up a bit more of a buffer. I wonder how much is required to be spent there? The report was silent on that point, and we are hoping that the company will be bailed out by the 20k ounces to be produced from this orebody.

You asked the right question and I thought I should provide some enlightenment to this thread. Sorry if it hurts some to hear this, but it is where we are and I sure do not like it.

It is going to be a long wait for the coming dawn in September when things should improve on the balance sheet front.

loki (the bearer of happy tidings and joy)