Hi slura,No.Thanks Derham and Stumpy. No apologies needed by...

Hi slura,
No.

Thanks Derham and Stumpy.

No apologies needed by others and none offered for my view either. No I don't have anything to admit and believe it is just taking longer to achieve than we all thought.

The AFR is easily explained. It is not ideal, that is not what I am saying. The 'FML Laverton' operations clearly created some distortion and if people can't see that after my explanation then I don't need agreement.

Of course FML are expanding so they have to spend money as fast as they get it on their projects. They get no credit for keeping cash so they might as well get it into growth for shareholders as fast as they can. A pause to catch up was required this quarter.

Stumpy is right on the other thread too - September quarter looking great and an additional payment for that last campaign comes in as well with associated costs in the last FY.

Digging fleets reduced at Laverton and development down brings back the financial buffer that 'appeared' to have disappeared. Of course the company is watching the cash flows and managing all this and are on top of it as they should be. What they can't do is to time the work and development, the BGSM campaigns to suit the AFR's.

They are what they are - expanding via re-investment of operational profits rather than retaining them. FML is growing and has growth pains and have managed it all competently IMO. As their success emerges they have more upside than some of the quality stocks out there however it comes at a far higher risk - shame it has taken so much longer than we all wanted to translate into SP. It is on the ground still and the potential is all still there.

Cheers,
CW
DYOR&DD