Ann: Quarterly Activities & Cashflow Report June'18, page-228

My biggest worry is the state of balance sheet and what the liabilities are. They discussed secured debt but not unsecured. I am worried that contractor payments and other fees have not been paid. Even if they make $200 per oz on 500,000 oz that is $100M. There is a lot of gold there not yet included.

The market feels, that

1) Margin can not be maintained
2) BLK will not have the funds to realise it
3) 6 million oz in the ground does not stake-up.

Maybe all 3.

If not this is very cheap.

Just my view. DYOR