I made below notes from a quick read if the annual report. Have a few basic questions as a newbie to mining.

BCN Share: 4.1c

BCNOB: 1.8c, exercise price 2.5c by 17/8/2022

906Mn oppies; 159Mn exercised in 2020

Fully diluted shares: 3.7 Bn

Board holding:

Shares: 541Mn of 2.8Bn= 20%

Options: 151Mn of 906Mn=16.7%

Top 20: 48% shares, 54% options

Per 23/9 Ann:

Jaurdi gold project:

118.6K oz of contained gold

Only about 8k oz produced from June-Oct 2020. So there is still about 110K oz of contained gold.

At $2500, potential revenue = $275Mn

Production of 3KOz per month= 37 months or approx 3 years of LOM at current production

• Question- Please confirm above

$6Mn cash in bank after paying off debentures

An report- Sep 2020

Question- What does this mean on pg 4:

Ore stockpiles at 30 June 2020 were 373,000 LCM, containing 24,000 ounces of gold

Panther: 9814 Oz contained

At $2500, potential revenue = $24.5Mn

Question- What is the purpose of the hedge book?

Key financials:

Debt free after 12/10- paid off debentures

Revenues: $42.8 Mn

COGS: $29 Mn

Gross profit: $13.8 Mn

GP margin: =13.8/42.8= 32%

Net profit:$10.9 Mn

NP margin= 10.9/42.8= 25%

Appreciate any thoughts on items marked as Questions.

By the way, can you please clarify:
- Is the $100Mn in equipment marked as long term assets, where is depreciation for them?
- How did you work out $4Mn monthly profits?
- 3.8Bn fully diluted registry- would that be concerning? (Granted good holding by board and Top 20)