Fully agree with your comments. BD and his team definitely lack...

Fully agree with your comments.

BD and his team definitely lack market confidence at the moment.

Over the last 18 months - 2 years $80M has been raised in equity and $35M in debt.

There is a market cap of approx. $60M. Debt stands at around 40M. That is a debt to equity ratio of 67%.

Most banking covenants are between 200 - 300%.

It is going to be interesting how much cash is left. Should be between $25M - $30M.

I think the lender would rather work with BLK than close it down.

In my opinion, what would lead to a re-rating of this stock, is for management to have the confidence of the market.

Currently they do not have this, possibly new MD and management would do this.

There must be some pissed off Insto's who put money in at $1.00 as well as 65 cents. The market cap is down 150M from its peak.

Trying to get them to put in another $20M is going to be very hard, they will want it at a 20% discount which is around 15 cent mark.

Regardless of who is in control, BLK needs 2 - 3 quarters of good grade, 25,000 oz production and costs of under $1250/oz.

Just focus on that and not 200,000 oz per year. Slow and steady wins the race.

Good luck shareholders

DYOR.