Ann: Company Update on Status of Gold 2 , page-6

Hi Andrew A, I can see the underperformance against expectation, which is not unusual in a start-up. With current gold price and the level of production, costs of $650/lb (could be higher on lower volume) and discounting down for the lower volume, what sought of EBITDA is the business capable of producing? Does $17m pa look reasonable? That would put the company on a P/E of just over one.

What is stopping MLI moving back to prices seen in the past? 5cents in the last year, 9 cents just over three years ago. I have read previous posts about the loss of confidence in the management, but how long will it take to recover in your opinion? TFP