Ann: Focus Commences Ore Production at Tindals Op, page-9

re: Ann: Focus Commences Ore Production at Ti... afternoon,

re. "So if it's for that, I'm sure waiting 1-2 months wouldn't have hurt after the results of TI to get a better price and in turn diluting us less."

It's always a strategic decision and always a punt. Generally you take the money when you can - even if you suffer a little more dilution - this is far better than finding yourself a couple of months down the road and possibly pog has gone off the boil and you are in a general market downturn and even worse TI turns into a fizzer ------- now those things probably won't happen - but if they did, it would be a very tough sell to raise $40m in that climate.

The time is never right for a board - only hindsight will tell you anything - and really a hell of a lot of it comes down to luck.

Companies have been devastated, in fact destroyed, by waiting too long to raise cash.

Basically with fml - now it almost doesn't matter what happens - the operation can go on developing and producing for a long time - it may not ever need to raise again (although I doubt it).

The future for fml looks pretty bright at present, in fact more than bright it really is a gem gleaming on the board.

have a great arvo

Pinto