adoption of remuneration report, page-16

No worries Kent,

We have had a tumultuous 6 months and for all the bullish comments on FML over this period, we are almost at a point where what may have been pressuring the price of FML could well be at an end.

1. World Economy
Seemingly starting to get its act together.

2. TI
Been sitting on very little, but now we are probably within site of being able to define a structure and then a resource

3. Stone
FML have finally met with Stone and it seems possible that some sort of deal may be able to be reached. Dialogue is the 1st step.

4. CRE
Ties in with Stone above and a full take over is what is needed to give surety to existing and potential investors - must be close now.

5. DB
We had to churn through about 240m sell orders from DB as they exited their position. This has been hurting since September 2011 but by my calculations based on past trading patterns, this is all but done. That's a considerable impost to share appreciation.

6. Higher Grades
Sep Qtr was the best grade through the Mill in the past year which is in line with expectations. Steadily rising grades make a massive impact to the bottom line for FML.

All in all, and whilst many have been disappointed, the reasons above are all possible for poor share price performance recently. The upside is that many of these are close to being finalised and removed as barrier to future appreciation.

Have a good day.