Banro Corp. fka BAA

[baystock1]

38,236 OZ x $1206/OZ = $46.11 M

Twangiza production in Q3 was 29,445. IMO only these ounces can be used for the purposes of calculating cash flow. The remaining 8,791 ounces from Namoya cannot be presumed to be generating cash flow as commercial production has not been declared for Namoya. The $615 per oz cash cost number in Q3 financials is only for Twangiza.

In Q3 EBITDA (earnings before interest, taxes, depreciation) was $13.8 million. As there are no taxes for Banro and as depreciation is an accounting thing that does not reduce cash flow, I use EBITDA as a proxy for the cash flow that is available to service the interest and principal on the debt. I am guesstimating $15+ million EBITDA for Q4, a slight increase due to slightly higher production from Twangiza and lower fuel costs.