Beadell Resources (BDR) - Brasilian Gold

[Huang Chung]

Picked up a few Beadell Resources over the past couple of days.

Already had a huge run, so probably too late to pick up the easy gains. Mkt cap is now around $300m.

However, I do see some very good prospects moving forward.

The short term key will be their Tucano gold prospect in Brasil. Already have a resource of nearly 3moz there (albeit at fairly low grades). Recent drilling has identified some new (very) high grade areas. For example, diamond drill results at Ducks Head has produced mega intersections such as 23.1m @93.1g/t and 5.85m @ 100.3g/t.

The project is quite unusual, as, in parts, the gold bearing structures are sandwiched between zones of iron ore (see attached presentation).

There is already a plant on site, which they they plan to convert it to CIL at a cost of between $65m - $80m. They also acquired the previous operators earth moving fleet. They have sold iron ore rights to Anglo for around $30m, and plan to sell the earth moving fleet to an Australian mining contractor who will be given the contract to move the ore.

Along with their substantial cash on hand, it basically means that they will be able to convert the plant without having to borrow substantially.

6 BDR drill rigs on site (they're not muckin' around!) as well as 4 Anglo rigs targeting the iron ore.

They also have another project in Brasil (Tartaruga) around 120km from Tucano which has already thrown up some good results. Also looking along strike from Tropicana in Australia.

Worth having a look at their latest presentation and recent drilling results.

At $300m, BDR is no longer 'cheap', but the upside from here still looks to be substantial.

Resource upgrade expected next month.

http://www.beadellresources.com.au/upload/pages/company-announcements/further-high-grade-drill-results---tucano.pdf

http://www.beadellresources.com.au/upload/pages/company-announcements/exceptional-drilling-results-up-to-59-gpt-gold---tucano.pdf

http://www.beadellresources.com.au/upload/pages/company-announcements/sale-of-iron-ore-royalty-for-aud31.25-million.pdf

http://www.beadellresources.com.au/upload/pages/presentations/investor-presentation---macquarie-september-2010.pdf

[Jaa]

Hey HC glad to see someone else interested in BDR! I bought in during their latest capital raising in June and its been a good ride since.

A couple of points:

The $30m for the sale of the iron ore royalty has not closed yet but I would be surprised if it didn't. They were receiving $400k a month from this royalty.

The Iron Ore is the key as this reduces the cash cost per ounce of gold.

More drill results should be announced soon as they are currently being assayed. BDR can also assay the results from Anglo's rigs.

The market now expects a 4m/oz resource to be announced in November

The DFS is due in December

Others have said the management of BDR is world class and I haven't had reason to disagree yet.

They also recently sent out to shareholders a very good analyst report by Hartleys. Send me a PM with your email and I will forward it on to you.

[Huang Chung]

Hey HC glad to see someone else interested in BDR! I bought in during their latest capital raising in June and its been a good ride since.

A couple of points:


The $30m for the sale of the iron ore royalty has not closed yet but I would be surprised if it didn't. They were receiving $400k a month from this royalty.

The Iron Ore is the key as this reduces the cash cost per ounce of gold.

More drill results should be announced soon as they are currently being assayed. BDR can also assay the results from Anglo's rigs.

The market now expects a 4m/oz resource to be announced in November

The DFS is due in December

Others have said the management of BDR is world class and I haven't had reason to disagree yet.


They also recently sent out to shareholders a very good analyst report by Hartleys. Send me a PM with your email and I will forward it on to you.

Hi Jaa

I saw the other day on one of the threads that someone here was holding BDR, but I couldn't remember who it was.... presumably it was you.

I defer to you on BDR, as you obviously know the ins and outs of the stock better than I do. Thanks for the clarification of some of the points I raised.

One thing I really like about BDR is that, if finance again becomes hard for junior explorers to come by, BDR, with its ability to almost self-fund the capital costs at Tucano means that it can plough forward, come what may. Not many juniors are in such a advantageous position.


PS Thanks for the offer of the Hartley's report, but my broker is sending it to me tomorrow.

[Jaa]

Yes it was me I think but don't take me as an expert in gold mining! Am trying to learn fast however.

Hartley's state that there is a 80% chance of a funding shortfall before production and that there is a 50% chance that this can be covered by debt. Not bad odds.

Personally I think the share is reasonably valued at the moment but more positive drill results or a resource of greater than 4m/oz will cause it to continue to rise. Both have a fair chance of happening so lets wait and see.

[Huang Chung]

Nice drill results released today :).

At AB1:

33m @ 4.3g/t from 4m

19m @ 4.5 g/t from 3m

Both approximately true width.


At AB2:

3.7m @ 26.8g/t from 95m.

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01109740

[trackers]

HC thanks for the heads up on this one, these figures are absurd... Some new ones from today:


FD1262
• 4 m @ 5.1 g/t gold
• 10.4 m @ 25.6 g/t gold
(Including 5.6 m @ 43.6 g/t gold)
(Including 1m @ 72.4 g/t gold)
(Including 1m @ 82.5 g/t gold)

Also:



The Tucano gold deposits, including Tap AB, have significant potential for an increase in the
current resource base with ongoing drilling as all of these deposits are open at depth. An
expedited drilling program continues apace with 5 rigs operating on double shift as part of an
initial 25,000 m drilling program with ~ 9,000 metres completed to date.

I've bought a few today for bottom draw, once that resistance moves at 51c it could get interesting

[Jaa]

Hi Trackers what do you mean by Absurd? Absurdly high concentrations and lengths of gold?

Note in today's announcement for a single drill hole they stated that the result was the single most significant of the drilling program so far. I believe this is because it will justify increasing the size of the pit significantly and thus the size of the resource the will announce in early November.

[trackers]

Hi Trackers what do you mean by Absurd? Absurdly high concentrations and lengths of gold?

Note in today's announcement for a single drill hole they stated that the result was the single most significant of the drilling program so far. I believe this is because it will justify increasing the size of the pit significantly and thus the size of the resource the will announce in early November.

Absurdly high concentrations yeah :) Coupled with the new findings announced yesterday its pretty compelling stuff. Will make sure to sit on my hands until the new resource comes out, I just hope POG and the markets stay in reasonable shape.

[Huang Chung]

Jaa, trackers....yeah, too good to pass up.

Grabbed some more as well.

[h2so4]

yeah even I was sucked into the jetstream today. :)

[trackers]

Toot toot...! Nice to see some green today

[Huang Chung]

Quarterly Activities Report:

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01114452

Annual Report:

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01113747

Revised resource statement due early November (i.e. any tick of the clock) :cool:

[Huang Chung]

Tucano project takes a big step forward with the ordering of a Outotec 7mw SAG mill, designed to treat 3 million tonnes of ore per annum.

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01116658

[Jaa]

Tucano project takes a big step forward with the ordering of a Outotec 7mw SAG mill, designed to treat 3 million tonnes of ore per annum.

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01116658

They don't muck around do they?

They stated in that announcement while investment is contingent on the DFS due shortly they didn't want to delay the project by not securing this bit of equipment.

Sounds like a done deal to me.

[Huang Chung]

Jaa, took my profits in BDR today. Made around 20% in three weeks. Not anything like EKM returns, but respectable none-the-less.

My other fav goldie, PIR, has recommenced drilling after the West African wet season, so I used the BDR proceeds to top up my PIR holding ahead of any results.

Still luv BDR though...and could re-enter sometime soon if the planets align.

[modandm]

HC - any thoughts on todays announcement?

[Huang Chung]

Very nice indeed modandm. Was thinking about a small swap back, but could manage the prices I was looking for, so didn't do it.

[h2so4]

...........ahhhh, what the hell TOOT! TOOT!:)

[drillfix]

lol, h2s

The chart on this one has also been looking fantastic from starting in July.

HC, do you hold this one?

[Huang Chung]

lol, h2s

The chart on this one has also been looking fantastic from starting in July.

HC, do you hold this one?

Not holding at the moment drilly.

Love the total resource, but the grade and cut off seem a bit skinny?????

[drillfix]

No worries HC.

Ahh well , cant hold them all I guess, but will be interesting to watch how things pan out!

[Entrep]

Down to 50c.... I have an order in!

[Huang Chung]

Yeah, got back in myself as well.....

[yogi-in-oz]

:)

Hi folks,

BDR ... technically, the current strong and negative slide
may be looking to close the gaps, formed back in Oct 2010,
at .49,.40 & .36 ... so far, a recent test of support at
.49 held up okay, on 17112010.

Any break below .49 will likely see the previous gaps, at
.40 and .36, tested as support, before the next rally.

According to our astroanalysis, we expect a positive spotlight
to focus on BDR, on 01-02122010 ... that's only a few trading
days to test those expected support levels.

So any positive news, at that time, may well bring a big
hammer candle or an engulfing low, to signal the end of
the current slide ... :)

have a great day

paul

:)

=====

[Huang Chung]

Hope you've got a few Paul.

Reckon gold would have to plunge for BDR to see 36c again.

Disc: Holding

[yogi-in-oz]

:)

Hi HC,

BDR ... not holding on this end and certainly will not be chasing it up,
at this late stage.

,,,,, good luck with your holding, HC ..... :)

have a great day

paul

:)

=====

[Huang Chung]

EV of around $300m.
Over 4moz with heaps of further exploration potential.
Very little debt required to get into production.
In production early 2012.

This stock is a long way from the top IMHO.

[Huang Chung]

With so much focus on BDR's Tucano project in Brasil, you could easily forget that they also have a project called Tropicana East, along strike from Anglogold/IGO's 5 million oz Tropicana Project in Western Australia.

The excellent (aircore) intercept announced today was certainly a loud reminder....

http://www.beadellresources.com.au/upload/pages/company-announcements/new-discovery-in-tropicana-belt-30m--8-3-gpt-gold.pdf

[Huang Chung]

Momentum seemed to stall a bit today, so I again took profits.

[soulman]

Momentum seemed to stall a bit today, so I again took profits.

It looks like BDR has done a rockets (just like your avatar HC) since your last post. When will it slow down?

PIR, RMS, MYG are some other goldies making smack. Is there any others?

[drillfix]

New High as well there soulman, this company seems have continual good news like it flows on tap or something.

Stochastics showing overbought, but MAC powering as is the RSI and OBV.'

May wait for a potential test of the 62c support line, but we may not actually get to see that depending on how things go, but if it tests it again, I think I may take a swing trade on it.

[Huang Chung]

Believe it or not, I bought back in at 61c, and sold again today at 71.5c.

Beadell has been very good to me.....

[soulman]

Believe it or not, I bought back in at 61c, and sold again today at 71.5c.

Beadell has been very good to me.....

Well picked HC and thanks for starting the BDR thread. Looks like you made quite a bit on BDR. As usual, your insight into a stock comes through like magic.

Bought in at 61 as well on Thurs last week and twice more on Mon this week. But unfortunately, I was up in the morning Tues and sold the lot way too early for 68.5. Usually, I turned on the computer 2 hours before the market close. Just can't make rational decision in the morning. Just me I guess. Also sold ADD for 2.4 today. Timing are off.

DF, looks like BDR has run too hard here but I wouldn't be suprise to see 78 tomorrow. Buyers outranked sellers 3 to 1. I would not touch it at least until they are back at 65.

[Huang Chung]

Well picked HC and thanks for starting the BDR thread. Looks like you made quite a bit on BDR. As usual, your insight into a stock comes through like magic.

Bought in at 61 as well on Thurs last week and twice more on Mon this week. But unfortunately, I was up in the morning Tues and sold the lot way too early for 68.5. Usually, I turned on the computer 2 hours before the market close. Just can't make rational decision in the morning. Just me I guess. Also sold ADD for 2.4 today. Timing are off.



Caffine Soulman...caffine!

Just checked my files...first buy was 11 October at 46.5c, and I did most of my accumulating below 50c, so yes, a very satisfactory return, but no multi-bagger.

[Jaa]

Why sell?

As Steve Fleming said on the EKM thread "buy and holding is the only way to acheive large muti-baggers" and "over-trading kills a multi-bagger."

This company has so far done exactly what they said they would. So long as this continues and the gold price holds I see no reason why the upwards trend won't continue albiet at a slower rate as Tucano gets nearer to production (about this time next year).

[drillfix]

Why sell?

As Steve Fleming said on the EKM thread "buy and holding is the only way to acheive large muti-baggers" and "over-trading kills a multi-bagger."

This company has so far done exactly what they said they would. So long as this continues and the gold price holds I see no reason why the upwards trend won't continue albiet at a slower rate as Tucano gets nearer to production (about this time next year).

Jaa,

Agreed with regards to the FA of the company and it doing what it has said.

But with regards to SF and multibaggers, I think ultimately he would be more so referring to many of the penny stocks sub 5c or 10c.

BDR at 70c+ how much of a mult-ibagger do you believe this will get too? 2 perhaps 3 with maybe up to 5 taking the long road? Well, no doubt the answer will always be "it depends".

But then some would say, if the chart says get out on Technicals, then this surely would also a wise thing to do.

The chat does not say get out and looks quite strong, but should moving averages start crossing, lower highs and lower lows start appearing, then that surely must mean something to some.

So, whilst I agree with you, I guess the trick for everybody here is to hopefully know when to fold them either technically or fundamentally.

This should also go for knowing when to load the boat, for a set duration and then lighten the boat so to speak, as HC has also done with PIR.

[Huang Chung]

Why sell?

As Steve Fleming said on the EKM thread "buy and holding is the only way to acheive large muti-baggers" and "over-trading kills a multi-bagger."

This company has so far done exactly what they said they would. So long as this continues and the gold price holds I see no reason why the upwards trend won't continue albiet at a slower rate as Tucano gets nearer to production (about this time next year).

Don't look here for criticism of BDR....great story, and it's going to get better.

My decision to exit was purely that the market cap is now sizable, and other, smaller stocks probably offer more scope for large returns (provided they are a good story).

I'm not ruling out getting back into BDR on the strength of some bonanza news, or a pull-back in price.

Good luck to those still holding...although I don't think you'll need it.

[soulman]

It's only a good reason to hold if you still got the SPP @ 15 cents back in APR this year or bought around that price.

They are getting expensive HC and the East Tropicana gold asset could be their trump cards for more SP appreciation. Pound for pound, their EV still offer upside.

Caffeine is not the solution here HC. I rather buy a stock on momentum and momentum is better measured when the market is near closing. At the start, I am clueless to the direction/profit takers. I did picked up some MZM yesterday for 47 right in the morning so that pays off. Saw the demand pre-bid.

Also, the market opens here in WA at 7am.

[Jaa]

It's only a good reason to hold if you still got the SPP @ 15 cents back in APR this year or bought around that price.

While emotionally this no doubt holds true for some such reasoning is rubbish rationally or financially. A $1 is a $1 no matter what price you paid.

I suspect you guys are underestimating the re-valuation that should occur as BDR get closer to production. From the Southern Cross equities report:


On an EV/Resource basis, BDR is currently trading on a multiple of $70/oz.
This is in comparison to the gold producer average of $164/oz and gold sector
average of $210/oz. We expect an initial JORC Reserve to be in the vicinity of
1.4-1.8moz. On this basis, BDR is trading on an EV/’Potential Reserve’ as low
as $175/oz in comparison to a sector average of $440/oz (excluding outliers).

The report used a BDR share price of $0.54 but then more positive drilling results have been announced since as well.

[Jaa]

Well Beadell got smashed today, down 10% to 0.735 on no news and a 0.77% increase in the gold spot price to $US1,353 according to Bloomberg.

I am putting this down to nervousness about the price of gold causing people to lock in some profits (something I was considering myself!), anyone else have alternative explanations?

DFS is due in about a month.

[Entrep]

Other goldies got smashed today - PIR included. Profit taking and nervousness I guess.

[Huang Chung]

I took my profits in BDR (too early though...) and have taken partial profits in PIR......profit taking and nervousness fits the bill quite well.

[Entrep]

Another NASTY day for PIR. BDR doing OK though...

[Huang Chung]

Another NASTY day for PIR. BDR doing OK though...

Yep....whilst disappointing, I kind of feel vindicated for my recent selling (now have only 7% of what was my maximum holding).

PIR has held up rather well, so it's not really surprising that it eventually rolled over in the face of a falling gold price.

[Jaa]

Beadell closed at 86cents today, 1c below its all time high.

The last two days have seen a strong uptick in volume and with the DFS for Tucano due any day now (latest estimate from the company is March) the signs are looking good.

[Huang Chung]

You're backing a good horse Jaa....

[denpal]

The ann. earlier this week suggested that opex could be further lowered by re-processing the tailings from the CIL plant to make iron-ore pellets. Anglo's beneficiation plant is all of 3.5km away!

[Jaa]

The ann. earlier this week suggested that opex could be further lowered by re-processing the tailings from the CIL plant to make iron-ore pellets. Anglo's beneficiation plant is all of 3.5km away!

I read that with interest too, Denpal. Any idea what kind of cost saving per oz of gold that might equate to?

[denpal]

I do not know, the devil will be in the detail as there are several variables at play, will have to wait until BDR advises the market.

[Huang Chung]

Whoa....10m @ 205g/t from just 14m, including 1m @ 1,877g/t from 18m :eek2:.

OK...it's grade control drilling at the already high grade Tapereba AB1 zone, not a new find or extensional, but, none the less, what a beautiful intercept.

Some other nice intercepts released as well, with a couple I note mineralised at the end of hole.

Don't dismiss the iron ore results either. Anglo have a beneficiation plant 3.5km from Tucano project.

Worth reading, and then reading again.

http://www.stocknessmonster.com/news-item?S=BDR&E=ASX&N=183856

[Jaa]

Beadell has just announced the first ore has been sent to their Tucano mill.

A lot else has happened over the last year with agreements with Anglo American re the iron ore off take, an iron ore concentration plant under construction and the new very high grade Duckhead deposit.

All taken longer than first suggested but they are delivering and the share price is now at $1.

[Joshuatree]

Now re 60c and still being shorted; question is why what do they believe will happen ?. So many things going for it and in a strong position . Should be tracking NST and TBR.

[Bobcat.]

Yes JT, I've been tracking the shorting on this stock, and noticed this morning that it's been dropping away for a few days now.

http://www.shortman.com.au/stock?q=bdr

After the price broke 60c, I came on board. Earnings of 15cps give it a P/E of only 4. Decreasing debt, money in the bank and now no hedging means that with a rising PoG it'll be well in the money through the next three months of Gold's seasonal bullish run.

Discl: now holding.

[Joshuatree]

Cheers BC ,looks like your timing spot on atp.Been holding BDR a while in the red atm but am topping up. Maybe the fact that Instos own re 65% of the shares that BDR is a target for snorters; they loan them out.? It is a best in breed Goldie in the lowest cost quartile (with iron ore credits and being in Brazil) re US$535-$US585 cash costs and $725-US$775 AISC long mine life ; guidance of 200,000 -220,000 oz ,plenty of more Gold to prove up; great management etc.
Looking at the ASX indices, the best/only value is in the Goldies if you're a believer and you pick the best ones.

[Joshuatree]

BTW top 5 gains on the ASX 200 all Goldies today ,XGD looks like the only indice up .

[Joshuatree]

RE 33c atm quite amazing.

[klid]

Hmmm!!! Analysts are bouyant on it, were a few months ago too:
http://www.reuters.com/finance/stocks/analyst?symbol=BDR.AX

Why have BDR and DRM gone down so much when they have apparently low production costs:
http://www.fool.com.au/2014/09/23/gold-loses-its-lustre-and-is-headed-lower/

[klid]

Now could be value? Director has bought 100k recently at these prices too.

[Daytr]

Just updated myself on these guys. Have known the management since their Agincourt days & a smart bunch & usually operate on a shoestring as well.
Looking like very good value here.

[Daytr]

Got hit on my bid today so I'm in. Looks like incredible value at these levels

[Joshuatree]

Looks like Blackrock still selling may be offering us a gift as when the selling stops BDR can follow other Goldies ;up.

[Daytr]

Just got hit on my bid for some of these.
I expect to see a quarterly that has generated a considerable amount of cash.
There is quite a big short position built up in BDR, I like that to.
Looking for a short covering rally, but more importantly, fundamentally I like it.

[Joshuatree]

PDF (http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01589071) Production update BDR up re 11% last i looked

"Dec qtr sales 55,000 oz including all time monthly record of 32,000 oz dec
ASIC $US595-$615 per oz!!!
Total C 14 sales of 166,000 oz 7% below lower end but 8,000 etra oz from Duckhead to come.
7000 oz in the safe and circuit will go in the Jan production
All go for maca for entire mining fleet to go hard out on lower strip tucano pits for more predictable and consistent low cost production thruout 2015 with goldsles set 180,000 oz av gold grade 1.4g/t."

[Daytr]

Sorry how is that rubbish? It seems the market disagrees with you. Gold down but BDR up. 1.4gpt is low, especially for that part of the world, but it all depends obviously on the cost of production going forward.

[Joshuatree]

Great trading and timing snap; fertile ground for that atm.. And a good result for longer term players ,13% up today.

[Daytr]

I always thought they would probably miss year production forecast but that was more to do with previous quarters than the last one, which I consider pretty damn good. This quarter should also be reasonable as they have 7k toz still to mine & 8k in circuit. I haven't bought them on history but future production & that operationally I think they are turning a corner. With oil costs down so to should costs be and 1.4gpt although not stellar is about the global average grade. Can't lose money by taking profit that's for sure & I'm raising my stop along with the SP, as gold stocks generally are turning in sentiment by looks.

[Joshuatree]

And another 11% plus up today 29c atm Good announcement today almost certain production , rev, and profit upgrade for 2015.
Still in Daytr:t_up:

[Daytr]

Nah I'm out.
Obviously a bit premature!
They were outstanding drill results, in fact I'm not sure I have ever seen grades like that in 15 years in the gold industry!
The actually amount of ounces are relatively small, but its a good boost.
Gold is looking soft here, think we may be heading back under $1200.

[Joshuatree]

GOLD SALES FOR MARCH QTR 33,000 OZ, 3000OZ below the lower end of guidance due to delay in arrival of new dump trucks and excavator. Also sagmill reline took 8 days twice as long as normal.

Guidance of 170,000 to 190,000 oz remains firmly in place.(Really!!?) So thats 45,600 to 52,337 oz average per qtr from hereon.!!!! Costs per oz will be higher this qtr too.

"Increasing resources re 230% more than its annual depletion". Haven't verified this posters analysis.

[Joshuatree]

Yes indeed

[Joshuatree]

New BIG excavator at work loading up new dump trucks. S/P re 20c isn and may well go lower with tax selling etc. Macca are excellent operators so hopefully we are getting near bottom . If BDR drops much lower , could be taken over. Maybe 1 more average down buy for me coming up this month; regrets; i have plenty:scared:.

[Daytr]

I recently bought in at 20.5c.
There are few of these Aussie offshore mining stocks that have taken a hit in the last week or two including RSG, TRY & BDR.
I think there has been some funds moving out of these stocks I also note that CMC isn't allowing to trade in some of these as market cap is now too small & it they don't have enough liquidity. BDR isn't affected, but the likes of ALK, SBM & TRY are. I think their minimum MC is USD150M, so there are a few others that are close to that as well.

[babymonster]

Sub 20c is a good buy

[Joshuatree]

Unfort guidance out and well below that of 36,000 oz for quarterly ;now 25-28,000 oz. S/P as low as 18c ...18.5c atp.

[Daytr]

Yeah but it was the wet season & rainfall was 17% above average for that time of year.
Always going to get this sort of thing mining in areas like this.
Now they are heading into the dry season & should start making a motza.
SP slammed on a pretty much nothing announcement imo.

[Daytr]

Yep agree & valuation reflects that.
However I think today's announcement has been blown out of proportion because of previous failures by management.
Market cap now under A$150M, looking mighty cheap to me.

[Daytr]

I estimate they will make around $50-55M after ASIC this fin year.

[babymonster]

removal of ASX200 might result in further sell down... 15c maybe?

[Joshuatree]

Change of incompetent management is really whats needed here to bring any confidence back or a takeover.S/P could fall a ways yet imo.Im losing big on this ;been hanging on too long / haven't dealt with the mental block; i.e. crystallising a loss; yet.

[Joshuatree]

5.4 mill Resouce(re 1.6g/t)
1.7 mill oz reserves (1.7g/t)and probable in optimised pits

[Daytr]

I'm not making excuses for management, but I think the alarm bell has already well and truly rung. After all this stock only a year ago was trading over 70c & was at its peak was over $1.10 & from memory the market cap was close to A$1Bln.
They have net no or little debt & are now heading into the dry season where they imo will make a lot of cash.
Another major reason for not having a great quarter is that the machinery coming under the new MACA contract has only just arrived.
So judge management how you like on these two things, however both issues are now removed, i.e. rainfall will now decrease & equipment on site.
If this goes to 15c I'll certainly be buying more as I view the risk here as very low.

[Joshuatree]

Take your point re BDR entering a sweet spot. But not convinced management won't stuff up in some way e.g. hedging. One would think @15c ones risk would change to the high side; heres hoping:mellow:

[Joshuatree]

Well BDR was 10.5c 2 days ago; 15.5c today!!!. Gold up and good drill results helped.Unfort management continue to stuff up and be less than transparent. Remove management, based in Aus and just have a site office and let maca and drillers complete current drilling.Will Maca move enough dirt to load up the rom pad for when the wet season starts. Jury is out but id wished id been one of the buyers at the bottom to help me lower my losses.

[Daytr]

Did it get that low? I got out retry smartly for a quick 15% as gold was looking dodgy & glad I did.

I can't even trade now as market cap is too small to trade CFDs.

[Joshuatree]

Now 49.5c and the trend looks great!. funny how many goodies are coming out with great announcements atm:)
High Grade Results from AB1, AB2 and D Sul-BDR.AX (http://hotcopper.com.au/threads/2806783/)