I should add that related party transactions were another concern for me - pic below. Rental for business premises – totaling $1.5mn,+36% YoY in FY6/16 – was paid to entities controlled by insiders. Additionally, Alliance Contracting Pty Ltd, which was 15%-owned by director G. Baker, was acquired by MLD for $4.7mn. I'm certainly not suggesting these transactions are inappropriate in any way - it's quite possible that MLD is benefiting as a result of them. It's just that they don't look that great alongside the share sales.
The stock is ultimately a play on gold, as you say, and I don't see many alternatives to it in the mining services space. If gold rallies and takes MLD with it, no one will care about occasional insider selling or what are potentially harmless related party items.
MLD Price at posting:
$1.76 Sentiment: Sell Disclosure: Not Held
