"So far BDR have hedged or have options on future production of...

"So far BDR have hedged or have options on future production of 115,000oz at $1600, 50,000oz at $1700, 48,485oz at $1700 and 20,250oz at $1647 which you would have to say is a better result (with more flexibility) than doing the lot at $1600 to start with."

It seems that McQ arrived at the approx. $1,647p/oz by using the volume weighted average of "115,000oz at $1600, 50,000oz at $1700, 48,485oz at $1700".

Peter Bowler's strategy would be under scrutiny if the next cash raising for whatever purpose is secured on forward sales/options at the POG of less than $1,647p/oz. But if we were to factor in the interest earned on $5M, or cost-savings on a potential commercial loan of $5M, at say 7%, then the benchmark for the next raising should be a minimum of $1,664p/oz.

On the other hand, if BDR becomes cash flow positive in a fortnight's time, then another cash raising is not a likely scenario. Time will tell.

Until then, have a Merry Xmas & Happy New Year, all.