Ann: Trading Halt, page-92

Over course of the last few years we have seen companies like EVN/SAR/NST/TRY etc issue debt to expand ounces mined at way lower prices than they are today. Since then these stocks are up massively.

BDR has 80m DEBT AUD - 6m USD BANK / 40m USD + 13.6m aud to MACA - this has burdened the balance sheet for a long time thus strangled the share price.

If we get the 50m + 23m cash we have = 73m. 10m will be for drilling, and 40m for debt repayement with the rest of the free cash to start underground mine, then i am cool with it. Then again my average is 147, i feel for the others. I expect BDR to be from 2017 have a 10 yr LOM producing 200+K

This is the issuer capitulation and even though i am unhappy that both hartleys are doing it and at the share price, longer term this is for the best for BDR to become a multi mine company producing 200K PA.