Company is profitable at around $40m annually. I continually see...

Company is profitable at around $40m annually. I continually see people making this mistake when evaluating BCN, they are looking at last year financial (absolutely irrelevant) and or this years financial YTD (somewhat relevant, but greater understanding is required). Where you are getting confused is you are looking at the first year of production which includes the costs in developing the plant, ramp up with production not truly kicking in until January, as well as an accelerated mining program (double fleet) until May in order to get the tailings dam in and build an ore stockpile (about a year worth).

The All-in cost per ounce is currently around $1091 based on March guidance, plus around $40-$60 per ounce for sustainable costs. There is plenty of upside to factor in from there, that is the conservative number. We have since had oil price fall, an 11% production throughput increase, the cessation of the accelerated mining program, completion of the tailings dam, and uplift in the hedgebook, all of which equate to a sustained profit upside.