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Beadell Resources (BDR) - Lost In Precipitation

Beadell Resources

Beadell (BDR) reported production of 21.4koz @ reported AISC US$1,042/oz, missing its previous guidance of 36-40koz. Cash and bullion position was A$22.4m at 30th June (A$57m at 31st March), after a dividend payment of A$8m and debt / interest repayment of A$10m. Given operational performance during H1 CY15, the Company’s dividend appears pre-mature, and production slippages have put pressure on working capital. Argonaut revises its valuation to A$0.22 (was A$0.38) and downgrade the stock to a HOLD (was SPECULATIVE BUY), reflecting softer production / higher costs anticipated during the wet seasons, deteriorated balance sheet and a reduction in exploration valuation (see below).

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