Ann: June 2016 Quarterly Report-BDR.AX, page-10

March qtr

"Cash and bullion as at 31 March 2016 totalled $38.6 million (bullion valued at AUD/USD = 0.77 and US$1,232 per ounce). Tranche 2 placement proceeds of $26.6 million were received in early April 2016 and are not included in Cash at the end of the quarter."

June qtr

"Cash and bullion as at 30 June 2016 totalled A$30.9 million (bullion valued at AUD/USD = 0.75 and US$1,322 per ounce). During the June quarter, the Company paid another US$5 million quarterly instalment in accordance with the terms of the Company’s Santander – Itaú Facility. At quarter end, the total outstanding facility was US$35 million with seven quarterly payments of US$5 million remaining. The next US$5 million payment due was made on 15 July 2016. In addition to the Santander - Itaú Facility repayments, the Company made additional net debt repayments of A$2.6 million. Tranche 2 Placement proceeds of A$26.6 million (A$25.3 million net of placement costs) were received in early April."


so you are right , we have a discrepancy in cash holdings

March qtr 38.6m
Add tranch 26.6

subtotal 65.2m

less negative cashflow for June qtr : -14m (that's my estimate)

WE should have $50m

reported $30.9m

disc ~20m