throwing the baby out with the bath water!, page-46

CW looking in last years Annual Report, there was a schedule of royalties relating to Coolgardie Gold. This year I could find no mention of any and in particular was looking for those relating to CRE. It is understood at least one of the latter( 3 in total ?)were a surprise to management and relate to WMC. Do we take it that these we're an unexpected cost as are the expenses required on the mill ?.
Also, last years AR covered shareholding analyses and a top 20 neither of which appear this year ?.

Did you know if the idea of a capital raising of up to $ 30m to cover expenses was explored before the China solution was announced ?.

Given the zillions thrown at it, has anyone apart from Andrew Haythorpe made money from CRE !

Given the Fml share price was travelling ok (it had hit 10 and we were happy to subscribe at 7.5 to fund expansion so we were told) until CRE, it was clear the market thought they had bought a dog. With royalties,costs and ill behaved minorities can it all be bad luck. No matter how you look at it the share price was vandalised.
I can only guess you are relying on the Chinese to have more input into the next FML acquisition which they are clearly giving the funds towards ?.

All my questions are directed to you CW with the greatest respect. Maybe I haven't read this years AR properly( too late, too much red wine and too old). The latter is my real concern, these top 20 fellows must have time on their side. The opportunity cost is not inexpensive !

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