Drugo Given your investing experience, I am very surprised to...

Drugo

Given your investing experience, I am very surprised to see you holding the bag on this one. It turned out to be a very good pump and dump at the last CR, but there were plenty of experienced people here warning against treating BLK as anything more than a very short term.

The key issues never changed - stripping costs too high given the grade they were mining and the size of the plant. There was some hopium about entering much higher grade ore but at significantly higher strip ratio - but this does not seem to have paid off, possibly because of wrong grade estimation or grade dilution (hinted at by Dixon, which implicitly puts the blame for this issue on the mining company, MACA). They need to increase production to 110-120k ounces pa to get an operating margin that could feed the management/admin, pay for exploration and interest and repay loan.

Out of boredom I am reading the recent posts. Interesting comments about the 1.5 cent CR that may take place. I would not trust the management again, been out since first half of 2017, after giving back some of my gains and getting really bad vibes from umm/arh Dixon. If this mob could not successfully mine and process the oxide ore what chance is there for them to do this with a complex underground orebody given the previous failure for others? Perhaps another better capitalised company with skilled management could do it now given the higher AUD POG.

I hope Martis has not been pushing this stock on his twitter account - much as I like Martis, who provided some good posts and a lot of amusement over the years, I felt compelled to take him on here when he was promoting BLK. I have not seen him since.

GL.

loki (The BOD needs to go, except for Greg Fitzgerald who is now a willing participant in this farce.)