Ann: 2016 Diggers and Dealers Presentation-MOY.AX, page-56

You make it sound as if no gold miners mine refractory/fresh rock ore.

They have been pretty clear they will require a plant upgrade to tackle the deeper ore. They still have multiple years of mine life with the oxide stuff so not a big issue. If we were a 500 million dollar company then yes it's getting closer to fair value but at current gold price free cash flow on a 12 month basis is between 40-50 million a year so millennium trading at a market cap of 220 million with 20 million cash at bank is still cheap and good value. Not as good value as it was at 10 cents obviously but I think when they confirm grade at depth further re-rates for the stock will continue.