Good post. I hope that it is a major shareholder like HH, Polo...

Good post.

I hope that it is a major shareholder like HH, Polo Resources and/or Lanstead reducing or selling out. If not there are far worse problems.

Lets focus on what is factual.

BLK has produced 24,000 oz from approx. 550,000 mt of ore. That is around 1.25 g/t - 1.5 g/t using a 90% recovery rate.

Cash costs have been around $1250 AUD per oz.

There is $39M in debt with $35M in cash as at March 30, 2017.

At June 30, if they produce another 15,000 oz @ $1250 oz. After Development and capital costs should see around $25M in cash with $40M in debt.

If they produce 65,000 oz with a margin of $350 - $400/oz that is EBITDA of $25M and Market Cap. of $125M on a 5x earnings.

If a substantial holder notice does not come out, then it gives me concern about debt covenants or lack of cash.

Has Dixon spent too much on drilling and/or development?

Only other thing that could be out there, is that people are selling prior to a capital raising?

Maybe they are going to raise at lower levels like $0.15.

End of the day company needs to inform the market ASAP, as to production and spending.

My view, unfortunately is, if Dixon was doing that well, he would have made an announcement.

Just my view.

DYOR