Ann: Change in substantial holding, page-27

When you put the 1000 worker redundancy (due to them being slack) against the mill being run 5 days a week, It doesn't add up. You do not compromise the amount of ore being fed to the mill unless there was some issue. If there was well and truly plenty of ore, you would have witnessed a large increase in tonnage while mill being run 7 days a week with a small amount of workforce being made redundant. Small being 100-200 workers.


There is insufficient high grade ore in my opinion and they are stuck to using stope ore as opposed to the regular 60% mill feed being development ore. There is something that has been left out.

At least they have no debt but they are burning through cash. 20m down to 13m this quarter and if this keeps up i fear they will have another capital raising to shore up the balance sheet. Especially with the wet season coming.

MML will close at a new 1 year low today imo and eventually reach 1.27 over the next few days. After that will the 2 year support hold is the BIG question.