Ann: September 2018 Quarterly Report, page-2

While the cash draw down was disappointing, the reality is they had to fix ah, the last managements inability to actually complete the plant upgrade on time and on budget, plus swap a crap mining contractor for one that can actually do the job in Brazil, which meant there was going to be under-performance overall. When I look at the actual amount of dirt moved, and the amount processed, I think that proves that the initial paragraph in the Quarterly is basically accurate.

Plant is using more power from the grid, grade is improving and will, hopefully continue much higher, why else would they stick to guidance, which implies they will produce, at a minimum, 40500 ounces (as they don't actually state whether the 125-135k is produced, or sold). Still, 40k or close will basically mean the company should survive, especially if the plant upgrade actually meets expectations.

BDR don't need to find any more gold right now, they just need to process the hell our of some of their ore, that has been sitting there for years. 

A step change is actually occurring at BDR, albeit, we can only really know the truth after Nov, and more likely, the March Quarter, which is highly disappointing, because we will only only 38% of the bloody thing!

I am highly skeptical as to how the board can say that the deal with Great Panther is a good one, when, ironically, their meeting targets etc, should actually negate the reason for doing it in the first place! Surely the big holders of BDR will at least raise these questions, and perhaps even vote against it? They need 75% to agree I believe, or 50% at the meeting? eh, I am little hazy on that.

For what its worth, I am going to vote against it. To come this close to actually bringing BDR back from the dead, but then sell it as if its a cadaver, just seems wrong.

With the cash low, BDR should look around for an entity that sees what BDRs real value is (perhaps even the new contractor they are using?). They might only need another $15m or so to finish the upgrade and slightly reduce the debts etc. Or.... dare I say it, refinance/restructure all the debt.

Why S.J and his 'crack team' never changed out the contractor I will never know.