Think you have to base this on fundamentals not technical...

Think you have to base this on fundamentals not technical analysis.

If BLK produce 100,000 oz with a margin of $500 AUD, then there will be EBITDA of $50M. It could then trade at $300M - $400M market cap. That is currently $1.06+ per share.

On 200,000 oz that is EBITDA $100M and will trade at $500M - 700M market cap which is currently $1.75 per share.

BLK has not poured its first gold yet, so I think a discount to $300M is justified.

All gold stocks are down today, including NST which has a market cap of 2B AUD.

US is heading for a rate rise which will see gold fall but at same time aud will fall as USD strengthens.

$1750 AUDPOG should remain.

I see next stop $70 cents - 73 cents. Good buy if you hold long term.