I, page-6

Anybody know what the brokers are saying about BDR's valuation post this quarterly report?

Ord Minett reduced their TP from 91 cents to 80 cents.

I have serious doubts about them becoming a 200k ounce pa producer, unless they find a lot more higher grade ore and can access it during the long wet season.

Production this calendar could be 160-190k ounces. Next year it could be in the 140-160k range if they had similar operating issues and there was no more higher grade ore left. AISC get blown out of the water in they are only producing 160k pa and might be around $1000/ounce (just a bit of guess).

The market is saying I am wrong at present, and believes they will get back on track from here. Lots of goldies running today, even SLR which last quarter had AISC only about $100 below the AUD POG and is scaling down its operations at Mt Monger.

The gold price could be back under USD1300 sometime today/tonight given the ceasefire between Hamas and Israel and that the Ukraine situation is more of a sideshow compared with the many hot spots in the middle east which are not igniting the gold price much these days.

loki