Progress summary

I thought it worthwhile to summarise the progress that MML has made since the end of FY14.

The following table compares figures for FY14 against those for 1H15. I have annualised for FY15 (by simple extrapolation) in order to indicate the positive changes that have been achieved and have therefore ignored the high probability of improved mill rates, head grade and production/sold gold that is probable due to the expanded capacity of the L8 shaft.

	Column 1	Column 2	Column 3	Column 4	Column 5
0		FY14	1H15	Change %
1	Milling rate	460,004	300,485	+30.6%
2	Head grade	4.76	5.31	+11.5%
3	Recovery	85%	93%	+9%
4	Gold sold (oz)	65,943	50,682	+53.7%
5	Revenue (US$)	$85.7m	$62.5m	+45.8%
6	OPCF (US$)	$49.7m	$34.8m (e)	+40%
7	Investment outflow (US$)	$73.8m	$30.2m	-18.2%
8	EPS (A$ c)	15c	24c (e)	+60%
9	P/E (x)	11.1	2.8 (e)	-75%

Yet, on 30th June 2014 the share price was A$1.85 compared to the A$0.85 we see currently (ie -54% lower!).

To me, the investment case appears obvious, but all in my opinion of course.
CPDLC