BRD probably had revenues of $43.5M and cash flow of about $21M for quarter 1. They likely spent about $15M on capital expenditures. With 26,000 ounces of gold at $1,450 in quarter 2 they would have cash flow of about $14M. They have announced that capital expenses are expected to drop in the second half of the year and again next year. The worst of the capital spending is over. If gold remains in the $1,450 area they should be able to cover all capital expenses and pay the $2M per quarter on the goldstream loan with cash flow. If gold goes much lower they would need to cut back on capital expenses. If gold goes much lower some gold miners will probably shut down, but BRD would survive due to their low cash cost.
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