Ann: Quarterly Activities & Cashflow Report June'18, page-33

The maths is pretty simple.

They have a cash balance of $20.7 million at the beginning of the quarter. Their cash outflows are forecast to be $52.65m so they have to sell $32m worth of gold to break even.

Its obvious that they think they might fall short,

"During July 2018, the Company entered into a Controlled Placement Agreement (CPA) with Acuity Capital. The CPA provides BLK with up to $10 million of standby equity capital over the coming 29 month-period"

We can stop worrying about being diluted at 8c. The options look very much like a non event.

Looks like more equity will go out the door at a lot less than 8c and then the options will expire way out of the money.