BCN today announced the commencement of its exploration campaign. The campaign will be fully funded by the proceeds from the Jaurdi mill, which is currently projected to produce ~ 26,400 oz for the financial year, with an estimated revenue of ~$71m based on a realised spot price of $2750 per oz, and an existing hedge book for 5,000 oz at an average of $2,507 oz. This production is projected to net the company circa $42m based on cash cost (inc royalty) of $1,052 oz and a sustaining cost of $50 oz. Further reductions to the cash cost are expected to be realised over the coming year.
Company Snapshot:
Current price: $0.037
Market cap: $106m
SOI: 2.86bn
Options on issue: 936m
Projected profit FY21: $42m
Cash on Hand at June 30th 2020: $15m
Cash equivalents at June 30th 2020: $3m
Debt: $18m
Net Debt: $0
Current LOM ~4 years @ 26k oz p/aHotcopper Link to announcement
Exploration commencing August 2020
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