Ann: FML March Quarterly Report and 5B , page-28

I look at this company and I think...

WHAT A MUG I HAVE BEEN...

Cash costs in Laverton have gone down...

Cash costs at Coolgardie have gone up by the same amount!

I don't give the management ANY credit for simply reallocating costs from one tenement to the other simply to justify their acquisition of a very high cost mine...

The gold grams per tonne feed in Coolgardie HAS NOT CHANGED...yet costs are blowing out EVEN MORE...smells like accounting manipulation to me...

And $15 million spent on road diversions, developement, and god knows what else!

The company is making a measly $3 million per quarter...The cash costs are obviously a lot higher than than $1,250...According to my calculations, the cash costs are more like $1,450 / oz (if you include extra costs like road diversions, exploration etc.. which are REAL COSTS NECESSARY TO DIG UP AND SELL THE GOLD)

There is NO UPSIDE...the MILL IS AT CAPACITY...even if they do find something at TI by the time they build it gold will crash from its record highs...

...this company is an absolute dog...talk to anyone who bought the high cost iron ore miners in the iron ore boom and see where they are now...

Buying a high cost mine in a gold boom is obviously going to lead to tears for ALL long term holders...

All these small pits are very expensive to mine and the company is recycling money having to spend in excess of $15 million every quarter upfront only to get the money slowly back over time...there is not enough return for shareholders here...

CW, finfarm...you guys are being too nice...would respect you guys more if you called it like it is...I am very keen to hear your guys retorts...For any share price appreciation costs need to come down and there seems to always be an excuse when the blow out...

The company is making $15m p.a at record gold prices...the company should not be worth more than $75 million market cap...

I bought in hoping to make a quick profit from seeing the costs go down and good TI results...unfortunately these DISMAL results have taken away any price momentum and the stock can only crash back to the 2 cents from whence it came...

For all the punters out there looking for a promising new low cost mine...I recommend NKP...DFS to be completed this month with 40 year mine life...400,000oz of PLATINUM at cash costs of $700/oz...not this $1,450/oz poking around in pits rubbish that FML has...

I might consider buying FML again at 2 cents...but the current share price is TOO HIGH...Sold at 4.7 cents for a small loss...I am now considering shorting the stock to recoup the losses...