bring back 2009 ?, page-23

Pinto - thanks.

Bazza d2 - It is clear that I am not normal, for if it were so, I would heed your advice as follows;

"I don't need you, or any other poster on this forum to decide for me what is or isn't worth reading.
If I decide something is not interesting or worth the HUGE effort it took me to read it,then like most normal adults I just ignore it and move on to the next post."

So, apart from the fact that you have gleefully added me to the list of nonsensical fools regarding any corporate dealings, I will still take the chance to shut you up for a while and let you go off and come back with a reply to the following.

1. At a current gold price of circa $1658 USD and a prevailing exchange rate of 1.05, FML has a current NPV of around 8.02c at a 5% discount. Given this is the case, then why would FML represent a bad investment at 3.2c
2. Moving forward, FML can (and should) be able to lower cash costs by means of largely open cut mining in Coolgardie and through royalty free ore processing from Burtville in Laverton. Surely this is a positive?
3. Whilst still unproven, the old adage that applies to real estate "location, location, location", does provide tremendous opportunity that a significant discovery may occur at Treasure Island. As I have mentioned in previous posts, I personally feel that exploration success over the next 12-24 months will be a defining point for FML as they uncover significant ore in their tenements, that which will well exceed the current market cap alone in un-mined value (reserves and resources).
4. It can be argued that the current mill, tenements and cash, exceed, even at fire sale prices, the current market cap of FML. Downside at 3.2c would appear to be limited.
5. This may be as bad as it gets. We are potentially at the top of the curve on cash cost and close to the bottom of the curve on the current gold price. Any reductions in cash cost (which can be achieved through mill modifications, royalty free gold production, open pit mining and higher grades - to name just a few), will help FML generate cash of its own, and along with this a prevailing growth in profitability over time. Upside in the gold price will also greatly assist the group given the massive leverage the company has to the gold price at the moment with the high cash costs of production. Of course, downside risk exists with the price of gold, but I think that any upside risk to cash cost has just about disappeared.
6. The management of FML had demonstrated a distinct lack of nous in turning rising production and output into positive cash flow. Profits were yielded for the past 3 years, but below expectations and at the expense of the "non current" side of balance sheet. What's done is done - I wish we were 10c plus now, but we are not. Having money breeds money, and I am now showing faith in the management to be able to improve markedly on their previous performance. If they are unable to do this, I will sell and move on, but I am prepared to give them another chance. How they spend the significant funding they now have will determine what returns we get - if any - as shareholders. Something you need not be concerned with of course.

The placement is "done and dusted". I see little point in arguing the merits of the decision at this stage. What possible benefit can you reap from this other than your own self fulfillment - much like the kid in the playground shouting "i was right, you were wrong" continuously. Whether you liked the deal or not, it has been processed, it won't be reversed and dwelling on it now serves no purpose whatsoever (for me anyway).