ann: fml to raise 227.5 mill via placement, page-170

Good morning MMM and all,

MMM you have a sound understanding and clear head IMO excellent to have your input as I said. Pleased to see the flow of data including Bazza d2, Scipio and others. Very helpful in piecing together facts.

MMM an other upside is the ability to get FML re-rated based on Reserves, something the top company valuations demand. Your post - spot on with so many points will not cover all.

Two weaknesses with FML - ROI for investors a huge issue as they have grown DT has now sought to get that over and done with - issues at a discount would be gone with this deal. Yes it is cheap and timing by SGG is excellent what would we expect when we are getting so much.

Second is the high cash costs I don't know if people realize but an upgrade to a larger more efficient mill at Coolgardie would mean economy of scale. Combine that with new sources of higher underground ore and FML head into a new league of lower cost producers.

A major change is underway here for shareholders as the brokerage houses and larger investors sit up and take notice of a smaller cap company [with potential] securing such a large amount of capital from ultra funded savvy Chinese owned SGG. This will take a little time these sorts of investors will go through a DD process first.

Funny to see how fresh [qualified] eyes value FML at this new level when so many could not see the value before. I welcome the 51% as it guarantees ultimate commitment. FML can now do in 2 years what would have taken 10. To me that is worth the dilution.

Good luck to all,
CW
DYOR&DD