gift, page-16

Agree 100% BIZZ

These are uncertain times and lots of things going on are out of our direct control. The Chinese are showing signs of interst which hardly surprises me due to the compelling value offered by current share price.

One of the principles I try and live by is to worry about what you can control. I have spent hundreds of hours researching FML operations since I became a holder 2 years ago and I've been especially diligent in looking into recent events eg. potential CRE T/O, TI drill results, and also on a macro level-the fundamentals for POG.

I am still committed to holding my shares because I still believe in the company has a very bright future. I will continue to trust mgt as I believe they have earned it over the past few years BUT I will continue to keep a close watch on things and will continue to ask questions of mgt when I see fit.

I know that my approach exposes me to risk of further SP loss in the near term but at this stage I will hold strong knowing that I have based my decision on the facts that I have at hand and my belief that FML will succeed.

See below for points I have considered:

@ If POG does stay above 1600 AUD it will give FML mgt some time to reign in production costs at Laverton without burning cash in the interim. This is assuming, of course that T/O goes ahead.

@ Meanwhile existing FML mines will enjoy increased profit margin (AUD POG up/ramp-up process complete at Mount & Tindalls Open-Cut)

@ I believe we have some VERY prospective real eastate on our hands that will lead to many years of strong profits once our growth phase is complete. Initial TI results are very encouraging BUT people often overlook the promise of our Coolgardie tenemants in the near term.

@ Post T/O (providing it goes ahead) we will be able to deploy Barnicoat mill to next ore source (Summit? TI? Coolgardie?) in quick time and minimal cost. IMO we will be producing +300,000oz by Q2 2014

Before anyone shoots me down for being part of the FML cheer-squad let me make it clear that I would love to see the SP higher and I'll also be very happy when T/O uncertainty subsides.

Happy to hold while I wait