Ann: Change in substantial holding, page-7

I have to agree Loki. For me (and probably most recent investors) the main reason for being in this stock was the planned mine output ramping up to feed the new larger mill and grades supposedly recovering to at least 6g/t. They have reserves at 9g/t but the need for more tonnes to feed the larger mine along with mining development dilutes this considerably.
Unfortunately they have not shown they can supply the required tonnage at required grade to feed the mill, nor have they offered any discussion on how they might do that in future- not that I would believe anything they give guidance on any more after this qtr.
With no discussion on this, how will the market hold any hope of achieving required tonnage at reasonable grade?
This mine should have been left as a smaller operation focusing on higher grade through a smaller mill. Unfortunately they fell into the same trap as many others, chasing ounces in a higher POG environment.
So now the only thing that I think can get them back to good profit (like many others) is a much higher POG. For MML the reduction in workforce might help although running an operation well below capacity reduces efficiency which would partially offset wages savings. New management might help because this one appears to be way behind the curve on identifying problems and solving them. Missing guidance repeatedly and by this much this qtr is evidence of this. The staff layoffs looks like a delayed reaction.