Ann: Quarterly Activities Report, page-205

Having reviewed the quarterly I can see why the sell down occurred on Friday but don't think it is "as bad"... hence why only dropping a cent but also not increasing in value.. I feel a lot of punters got in expecting a stronger quarterly to come through;

A couple of areas of concern are;

Mining Capex/Opex inclusions (Using through cash flow) - What is the total amount going to be for these areas and what is the impact of AISC;
Inspection of pumps and cyclones indicates minor refurbishment / replacement $$
Structural steel around the Ball Mill and Cyclone towers requires replacement in places $$
Minor steelworks are required on some tanks $$
The Diesel Power Station at Morila requires upgrading and refurbishment $$

Tax Issues; What is the final outcome? Needs to be closed out.

Overdraft to local suppliers.. Why has this not been previously announced? It is a lot of money. What is the plan here and what is the plan for having a debt facility put in place? I feel FFX needs this with so many unknowns.

Only 4-6 months of tailings at a very high AISC (It is at least $1300-$1500) and might be higher if FFX are building into major upgrades out of cashflow... Still need mining permits for Koting and an agreement with Mali government..

Mark Hepburn took $16K out of the business this quarter..For doing what? $118K directors fees accrued during quarter.

Lots of unknowns on AISC, any major hurdles, licenses / agreements being approved, mine life extended, zero debt when they have an overdraft isn't exactly right?....