30th june 2010, page-6

Aspen & Jonesw, thanks for your assessments.

putting SP fair values, etc aside, I think A1 suffers from two other factors - peer comparisons & 'the once bitten twice shy issue'.

Re peer comparisons - there are quite a few juniors that are making it in the gold mining industry, so these success stories are directly comparative to A1's lackluster production performance thus far. A1's M.C is well below these, but for good reason - in the eyes of the market.

'the once bitten twice shy issue' - there are a whole bunch of investors that had held this stock all through the exploration phase and into production. Many investors have given up because they saw the writing on the wall. JW was axed, major holders off the T20, dodgy cap raisings, etc. All signs that A1 was loosing it's creditibility. I know some of those very very large holders, and they aint coming back.

So at the end of the day, A1 will probably need to rebuild its significant holdership from a bunch of new investors. If i didnt know the story i'd say A1 is dirt cheap. But there's a very real chance they will loose their pants if they cannot get this grade up to scratch.

So for me it all comes down to risk/reward. You could double or triple your $$$ in a few months if they get there act together, or you could potentially get diluted to the n'th degree if creditors get edgy.

anyway, I hope they succeed for the longtermers sake.

cheers!
Split