The gold stream is not a loan, but they took out a loan in order to buy back 4% of the goldstream. They have payments of $2M per quarter to make on that loan beginning in June. Whatever gold is sold through the gold stream is calculated as revenue at about $1,050 per ounce. That is because BRD is carrying deferred revenues that get added to the revenues each quarter. To get revenues you take gold sold for the quarter(28,000 ounces) and multiply by the average price ($1,620). We know that revenues were $45.0M for quarter 1. We then subtract the ounces sold under the gold stream(2,200) X $570. BRD lost $570 in revenue per ounce because revenues were calculated at $$1,050 instead of $1,620. This results in a reduction in revenues of $1.25M. This results in revenues for quarter 1 of $43.7M.
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