No News, No Volume, No Up, page-7

Likewise, fair questions Dan. My opinion is;

(1) A dividend announcement (if any) would come with the FY results, not the Q4 report. However, given that they still have sizable net debt (c. $18m by my calc's ignoring trade debtors / creditors) I wouldn't think it prudent to issue a dividend in 1H 2015. I am anticipating a dividend in 2H 2015.

(2) I agree that Q1 sales (36-40k oz) seem low. This is the wet season so I guess that they are being prudent. However, from the 2/1/15 announcement BDR stated that they had 7k oz in bullion and above normal gold in circuit and that they had c. 8k oz to mine in Duckhead in January. So, assuming that BDR hit their upper guidance for Q1 of 40k oz (dangerous assumption I know) then 'only' 25k oz will be coming from the Tucano Pits. That run-rate is low, maybe there are operational constraints, stripping work required or they have learnt their lesson and are being conservative.

(3) Re the falling SP: There is no reason for it to go against the trend - all gold miners had a large run up from the Nov-Dec lows and most are retracing. There are very few exceptions (e.g. MLX which has had very good company specific news). BDR has not had exceptional news that would prevent it from re-tracing.

The Duckhead extension (35-45k oz initial) was anticipated by many (I think it will keep going too) and the financing extension was also factored in I believe.

The Q4 report, no matter how you sugar coat it, barely passed the sniff test relative to management expectations and communication (i.e. just weeks prior management guided 75k oz for the Q with anticipation of upside from overcall). Taking into account the c. 7k (bullion & circuit) + c.8k (to mine) + 59k (Q production) = 74k oz.

The disappointing thing for me was the unsignaled + $9m in non-sustaining capex and the resulting inability to achieve a net debt free status.

Thus, there is no reason for the BDR share price to move counter-trend to it's peers IMO, especially after such a strong run. This is all part of the noise in (hopefully) what is a trend reversal.

Operationally BDR is making money and it's balance sheet will keep improving. If it can continue this along with exploration success to increase LOM and annual production then the SP will take care of itself over time.

Cheers
John