A while ago, I presented a bullish thesis on Beadell Resources (OTCPK:BDREF) which operates the Tucano mine in Brazil. As the share price has decreased by 25% since then, I think an update on my thesis is warranted as Beadell has also updated its guidance and hedged a larger share of its gold production.
(click to enlarge)
Source: company presentation
Beadell currently has a market capitalization of roughly $490M and has an average daily volume of 7.5M shares on the Australian Stock Exchange where the company is listed with BDR as its ticker symbol.
The Tucano Project - Duckhead converted an 'ok' asset into an excellent asset
Beadell's main project is the Tucano project in Brazil which...
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