Ann: December 2013 Quarterly Report , page-12

Thanks for chasing them up Nutwood.

It may be that the management are honest triers; but that they have no idea about how to make decent NET profits in this business. The following are all possibilities: that might ??? be fixable; and no doubt all shareholders will have their theories (probably all good ones); about why this company has performed so shockingly:-

1. Perhaps no one could/can make decent NET profits out of the gold deposits that are being mined? Because the production costs are way too high? and can't be reduced; without the safety of the employees etc being jeopardised. And if this is the case ; the business should be sold off; if??? a buyer can be found.
2. Perhaps none of the management seriously realises that this business should be run for the benefit of the shareholders? And that the main objective for running the business is to be able to pay decent annual dividends to the shareholders?
3. "The business building" goal that management appears to have; is well and good; but it is a nebulous and very airy fairy goal; and should be replaced with the specific goal of making decent NET profits. Management should not see NET profit as a dirty word; and management needs to realise that its no good just giving hints about success and profits; that might??? be achieved at some very hazy far off future date.
4. The investment??? in Goldstone; just seems to be an irrelevant diversion? or am I missing something here?
5. The company is running out of cash; so what does management propose to do about this?
6. There seems to be great confusion about where the Dargue output will be processed. Will it be processed at Bendigo? if the locals and others permit this? or will it be processed closer to the Dargue site. The managements' apparent confusion about this matter; is symptomatic of the overall malaise that seems to be afflicting UML.
7. Is Lion Gold having a good or a bad influence on management?

No doubt many of you will be able to more succinctly state what is wrong with UML

Good luck to you all.