"If production is around 20000 ounces...we have no problem."
@Hiddenvalue, assuming your guesstimate of 20,000 oz for the Mar'19 quarter is in the ballpark, & keeping in mind that current gold forward sales contracts are 24,078 oz over 7 months at an average price of $1697/oz, let's say BLK sell 10,000 oz at $1697/oz to fulfill a few contract obligations & the remaining 10,000 oz at a higher spot price of $1850/oz. That gives a combined cash inflow of (10,000*1697 + 10,000*1850 =
$35.47m)...an inflow shortfall of $5.8m (to cover estimated Mar'19 expenses of
$41.237m)Looking at page 5 of the RIU explorers conference presentation (operational enhancements to improve cashflow), it looks like BLK will be spending some dollars trying to improve efficiency & boost mill throughput capacity, in which case, their estimated Mar'19 cash outflow of $41.237m seems reasonable.
Considering BLK have tapped Acuity for $262,110 (presumably because they're low on cash) & with a probable cash inflow shortfall of at least $5.8m (obviously the inflow shortfall will be a lot more if BLK don't get 20,000 oz for the Mar quarter), it's a bit unclear at this stage why you'd suggest "If production is around 20,000 ounces...we have no problem".
