Chart - No bottom in sight, page-134

Hi Datry,

It is possible that BDR will be NET debt free by end of Q4 2014. This is how I work it out:

End of Q3 (AUD)

Cash $13m

Less Borrowings $60m
Less Lease obligations $17m

Net Debt = $64m (as at 30/9/14 and ignoring trade creditors/ debtors and bullion/ inventory/ spares mvmt)

1/11/14 - Add MACA payment which was part cash, part taking over the lease obligations, so:

Eliminate Lease obligations $17m
Add cash $23m

Net Debt = $24m (as at 1/11/14 - not taking into account Q4 operating cash flow to-date)

Q4 operational cash flow is anticipated to be abnormally good. Just how good? Well, we're all speculating on that but I anticipate it could be anywhere from positive AUD $18 - $30m depending upon a range of factors/ inputs and allowing for $3m corporate and $3.5m exploration.

Thus it is possible that BDR are nearly or are NET debt free by the end of Q4 2014.

Cheers
John