Blackham and BD definitely have there work cut out for them.
On my numbers with 1.25 g/t they will be lucky to produce 75,000 oz per year.
In my view he needs to save money and stop doing expansion studies and focus on achieving 5000 - 10,000 oz per month.
If they continue at there current costs they will need more cash within 12 months.
Also with debt of $30m, I wonder if any covenants get breached if the market cap drops below 3x ev/debt.
My general view has been that gold only works if grade is above 2 g/t.
Let's hope grade can improve.
Appreciate if any one else has a view here.
Hope that my view is wrong.
DYOR
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