Slaughter 2.0, page-29

5BW

It is funny to see you judge these posts as void of intelligence without any means to validate your theory. I also note that your first BLK post was on 17-Nov-16 when BLK had retraced almost 50% from its 2016 high. I think you would garnered more credibility if you negative sentiment was published when the BLK share price was much higher, instead your negative stance has witnessed a 20% share price drop since its publication. There are some people who posted positive comments when the share price was below $0.10 and just as an example I was buying BLK even when it was $0.05. Those posters who had the courage to buy at these levels witnessed a 2,000% share price increase. Mathematics advocates that a 2,000% move is much better than a 20% move. Those that supported BLK when the share price was below $0.20 realized that there was potential for a good return, they also did so when sentiment was negative. These investors are able to think for themselves, willing to take a risk and ignore the herd mentality. I consider this to be more intelligent than a lemming mentality. I only buy shares when the the sentiment is negative. Such an investment strategy leads to inevitable losses, but the gains are well in excess of any losses, albeit with a small degree of fortune. This is what I consider to be intelligent and it is a strategy that provides a return well in excess of the norm.

I am growing tired of seeing your regurgitation. Your basic arguments seems to be 3-fold:

1) Production issues
It appears that BLK is having some production issues, such is the norm with most mining operations whilst they ramp up. Whilst the gold produced to date might be low, this is to be expected. Some investors don't have the stomach for this and will decide to sell as they are risk adverse. Risk equals reward and I love reward so in turn I must embrace risk. I suggest you wait another 3 months before touting production issues as you might find yourself embarrassed by premature negativism.

2) Price of Gold
BLK have stated that they will be a profitable operation even at a POG of A$1,500. When and if the price drops below and remains below A$1,450, I would then say that concerns about the POG are warranted. The BLK share price is reflective of the current POG and anyone wishing to invest in BLK does so with the implicit and desired exposure to the POG. The POG fluctuates so each individual investor will make their decision to buy/sell BLK based on whether they think the POG will rise or fall. Nobody knows which way the price will move so any future predictions are merely opinions. We know your opinion so there is little need to remind us as often as you do.

3) Debt/Cash flow
If you recall the original finance package was due to be repaid in 2017 but was extended to 2018, not under distress but at a time when the POG was much higher. This gives BLK almost 2 years to repay the debt reducing the risk of debt default. It is worth remembering that Orion have ~16M options priced at $0.18. It is in their interest to support the share price as their return on equity could exceed their interest revenue on the loan. BLK has the option to reduce cash expenditure if required. If BLK believed cash flow to be an issue, they could suspend exploration drilling and the expansion study and just focus on gold production.

As for a potential takeover, I have absolutely no idea if it will happen. I do however take particular issue with your immediate dismissal of the potential. There is a credible case for a takeover and your latest post demonstrates your ignorance. You only have to look at the many past owners of Wiluna to justify that a takeover is possible. Any potential suitor will have a bullish view on gold and will see the drop in the share price as a positive factor when considering a takeover. There have been several parties much more qualified than you or I who have committed to BLK in recent history.

You are obviously very opinionated and I recommend you adopt a more balanced view to protect yourself from any embarrassment or wealth destruction. History tells us that gold and BLK's assets fluctuate in value, the fun part is picking the best entry and exit points.