Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-132

I'm not seeing the bad news that would justify the share price fall.

T Rowe's actions in selling down it's substantial holdings has put massive downwards pressure on the price of the shares and that is likely responsible for the share price decline. I strongy suspect they have done this as a rebalancing of their books and not for any fundamental reasons with Tietto. Looking at how many shares they have sold, and doing the maths, I believe that they still have more than 4% of the company. That's a big holding.

Meantime Tietto quietly goes about it's business of ramping up to name plate production. Seems to me we have about as good a person as we could hope for, to enable this, and that target is due to be hit next month.

I suspect part of silence is because the management team is trying to avoid anything that would initiate a take over. Do the maths, the share price is worth at least $1.80 (compare it to WAF or EMR). I dont think that silence is a good strategy, but what would I know. Caigen is a big influence, no doubt, and his cultural reaction to any announcement of problems, is likely, that it would involve a loss of face, better to solve problems behind the scenes.

Sometimes the best thing an investor can do is to be patient and in my opinion this is the correct action now.

If you are inclined to sell then you should ask yourself if this is an emotional decision or a fact based decision. An emotional decision, in my opinion, would be based on a drop in the share price triggering a panic reaction. A fact based decision would be based on the ASX announcements, and those could be better but are not bad, again, in my opinion.

My conclusion is, they have had a shakey start, no doubt, but they are not the first company to hit teething problems during start up/ramp up. Look at Tesla or Amazon, but at least those companies were in the US, Tietto is in the middle of nowhere. But some things have not changed, they are still sitting on a huge deposit of gold, their production costs are going to give them margins most businesses could only dream of (spend $850 to produce a oz of gold worth $2,000+), they have an experienced team in place who are perfectly capable to resolve any issues, they have options to dramitically expand the core business, their finished product appears to have significant tail winds in terms of its price and demand, and the whole mining sector appears to be undervalued by the institutions and I suspect that wont last.

Go ahead and sell if you want, I could be wrong, but I think you will come to regret it very quickly.