FML (ASX) Ann: AGM Presentation

Originally posted by jumpstart: ↑

With respect, I think you are reading what you want to see rather than understanding the careful choice of words FML uses.
From just the first page. Weasel words. well positioned to resume (don't hold your breath)

a significant resource with great potential as a longer-term development option (yadda yadda and next year I will run my first marathon once I get around to so some training)

the last 12 months to improve the Coolgardie project economics (This means they were crap a few years ago when they were saying everything is honky dory.)

127,000 oz most would have written 127 koz. (It is all window dressing. A whole year to get it)

This hasdemonstrated the potential for an improved economic outcome for mining of Greenfields and Brilliant South open pits.
(Interpretation is that FML assets were performing like a submarines resting on the bottom of the Mariana Trench)

They don't yet have a plan but they are getting one " ... for inclusion in the new Life of Mine Plan")

Mining Proposal for Greenfields pit with processing at TMH has been submitted with approval expected in August 2022. Vague. Approval by whom - Shandong ot Govt?

A preliminary scope and only now having a few chats...what was happening before? Rhetorical question - bugger all.

• The initial cost estimate of $28M for refurb of the TMH facility had underestimated the whole of project capital cost.
• The initial estimate did not include allowance for all required infrastructure
• The initial scope of work developed was not sufficient for contract developmentAll the above is about putting Yang's boot into Wang.

The rest of the plan will not take 12 months. Earlier they note the boom could significantly delay so instead of Q2/2023 think more like Q1/2024, yes 18 months Focus recognises significant risk presented by the current demand/supply limitations in the WA mining industry

Much progress has been made to advance Coolgardie production with a high degree of diligence. Its one thing running around like a headless chook but to say " progress......with a high degree of diligence" I suggest it is a long way from patting yourself on the back yet.

Anyway,FML finishes on a good note:

"Focus is well placed to deliver gold production from ourCoolgardie Gold Operation in 2023."
Basically giving themselves 365 days worth of targets for completion - minimum. excluding delays..

If you haven't read between the lines of the presentation I will clarify - FML was a slowly floating down river cluster F...

I think fair to say I am not impressed. They are barely more than they were two years ago and still with up to 18 months to go for Coolgardie and Laverton is on the Never Never..

The only thing that will move this along with any alacrity is the POG. Full stop, For me the presentation lifted their skirt much higher than usual and what I saw was ugly - not my usual reaction. The jury is still out. Not even close to being called a professional outfit yet given the litany of things outstanding, especially if at the same status/ level/ quality of the three above dot points.

There does appear to be a new hand on the tiller - lets see if its real before claiming "job well done" as they haven't even really started - just clearing the table..

Expand

That's quite a serve Jumpy and anyway the proof of the pudding will be in the eating, regardless of what you or I say or think.

No.	Vol.	Price($)
1	8486	14.5¢

No.

Vol.

Price($)

8486

14.5¢

Price($)	Vol.	No.
15.0¢	4257	1

Price($)

Vol.

No.

15.0¢

4257

No.	Vol.	Price($)
1	8486	0.145
5	116770	0.140
3	29320	0.135
5	138286	0.130
3	325576	0.125

No.

Vol.

Price($)

8486

0.145

116770

0.140

29320

0.135

138286

0.130

325576

0.125

Price($)	Vol.	No.
0.155	15000	1
0.165	4616	1
0.170	111060	3
0.175	11067	2
0.185	8430	1

Price($)

Vol.

No.

0.155

15000

0.165

4616

0.170

111060

0.175

11067

0.185

8430

(20min delay)
Last 15.0¢		Change -0.015(9.09%)		Mkt cap ! $42.98M

Open	High	Low	Value	Volume
14.5¢	15.0¢	14.0¢	$32.56K	227.2K

That's quite a serve Jumpy and anyway the proof of the pudding...

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Recce's R327 found effective against E.coli during clinical trial

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

That's quite a serve Jumpy and anyway the proof of the pudding...

Top Stories

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Recce's R327 found effective against E.coli during clinical trial

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News