Goodbye $1.20, page-105

Nice explanation of your understanding of the Panel’s awards.

My rudimentary understanding (happy to change it) is that you know what the Panel’s award is only when they divulge that information. Placing any emphasis on what the Thai press, or, for that matter, any press reckons the amount is, assuming Kingsgate wins, which seems likely, could be highly misleading. They simply do not know. They are free to speculate, or even attempt to calculate, what the amount could be. Just because a similar amount is stated in different publications is meaningless. The Press has a lazy habit, especially when they do not know, of largely repeating what other publications say/speculate.

Yes. It may well be a matter of time before your rosy-tinted view that the free cash flow will fund buy backs and dividends etc. However, the directors have made it quite clear that, at this stage, the company does not have adequate cash flow (they even specified the amount) to finance plant 1 refurbishment and to produce at full capacity. That is despite a sizeable CR completed around six months ago.

Meanwhile, the share price has nearly halved since the CR announcement, and continues to sink to a new yearly low even though the company is producing gold again, a high gold price, particularly in A$, and mining has resumed. It looks like management’s incompetency on the financing front is a major reason why.