Ann: Alameda 3 Drilling Update, page-105

U3 was SPOT ON expectations! The A2 U3 results were "iffy" (technical term) from the outset, hence the company's response to U1B (which went way, way beyond expectations - about 6 fold - and are yet to be formalised by McDaniels). U3 was never the main game: these two drills are designed to assess the structure, so the fact that U3 didn't bring home the bacon is not, or should not, be a concern.

The market for speccies is a bit rough at the moment: anything outside the ASX100 is not over-performing, and money is flowing into the main board. It's not really a punters paradise at the moment. But everything goes in swings and roundabouts: as sure as there is a tomorrow, volatility and flow will return to the speccy stocks, which - at this stage - includes MAY.

$200 million market cap is way below even the most conservative valuations. EvoCap, for example, placed a value last year of circa 20 cents (Block 9 value only) on MAY. Assuming McDaniels bring something in around 3x fold on the upper sheets, that valuation will jump about 30 cents per share. And if, on top of that, Marti / Alameda bring something to the party, MAY will be hard to resist - even for the top end of town.

I am supremely confident that (a) McDaniels numbers will be of that ilk, and that within a month or two EvoCap will update their valuation, and (b) the results from the lower sheets will line up with Marti-5, leading to a further uplift by McDaniels. Production from A2 (which was meant to recommence: where the hell is it by the way?) and the planned new pads (permit applications submitted - remember that being mentioned) will kick start a decent, long term rally for MAY.

But for now - you need to weather the winter, not question it. Patience is required. Don't fire until you see the whites of their eyes lads.

Kit.