Sharpie - FML bought a heavily distressed 'company' for almost nix - for nix because it was so distressed. But it also took on the monster task of realizing the CRE dream from a disadvantaged position. That is why I backed off back then expressing the 'risk' word. They have moved so far since then and it is a very telling story about the ability of this Board, Management and the excellent team.
Time for a second shot at delineating the real picture for readers in here. Work out for yourselves if I am 'saying what we have all heard before' or offering something of genuine value. I will go through this carefully and logically if anybody wants to listen.
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Again: FML bought a heavily distressed 'company' for almost nix - super cheap because it was so distressed it was in real danger of going into administration as it could not pay its bills.
The 'asset' is fantastic - and was not distressed - and FML saw the value, thought (correctly) they were up for the task. Moving forward - within about 12 months we cleared all of the mess, developed a monster system, even moved the road - and - read this carefully it puts your claims into the NON researched category - clawed back the balance sheet at CRE.
Just what do you think the payments in that 5B were for mate? That was a good thing not a bad thing. Apollo all paid for and massive ore supply secured as well. Work out what that means instead of looking at the payment with no assessment and you will pick up what I am saying. Drop the emotion and anger it clouds judgement.
I think you will find the 'turned around' statement on CRE (now FML Laverton) means it is no longer distressed. DO you honestly think that came at no cost? Respectfully - read between the lines and ask questions SS.
Now also consider they have created a stock of ore on the ROM pad as well to mitigate flood risk and dramatically expanded FML Laverton and all - read this carefully too please - without going to the market. So they are expected by your good self and some others to have loads of money in the bank at the same time? And you bag a massive achievement and why? Could it be misunderstanding of the business - I don't think it is because you are some type of spiteful stinker - not really at all.
At the same time - to top off this achievement - they managed to complete the expansion plans at Coolgardie, turn around The Mount; albeit at a slower pace than the original cap raising would have allowed. They diverted that money to MORE than double potential of the combined group instead of accelerate their ops - and have achieved both as of now and are in the clear by my assessment SS.
They are now in a position of strength look at the development budget for this quarter of $2M - this information I am sharing is describing a standout success not evident from a superficial view.
I stated some time back they had turned around operations - now I state that they have turned around the financials - at least got into a position to bank money - hence the term "monetize the development". As Couchy stated you are going to need a bigger boat. This is the next turning point and it only gets better from here as alluded by all that fantastic work by FF and a few others.
There - your substance - this is how it is SS and other doubters. I don't mind if you don't believe me - sell if you don't, short it, bag me, TD my contribution or what ever takes your fancy it is really not my problem or concern. There has to be opposing views that is how the market works.
I have nothing against SS at all. I think he is off the mark and a big time stirrer and at times he even means it, but I believe I would really enjoy a few hours on the porch next door with the plumber and SS having a few drinks and a laugh.
SS you are p'ing this group off however, are you going to take up that challenge from FF? Seems like a fair bet to me.
Good luck to all, CW DYOR&DD
FML Price at posting:
3.4¢ Sentiment: Buy Disclosure: Held
(20min delay)