Ann: Grange - Quarterly Report for 3 Months Ended, page-3

re: Ann: Grange - Quarterly Report for 3 Mont... Not very impressed with this report.

Cash, term deposits, trade receivable down from $188mil in previous quarterly report to $164mil. Where did it go?

Previous quarterly mentions 22mil borrowings. This one "low gearing levels". Perhaps the cash went here?

Perhaps it's my skepticsm, but if the borrowings were paid off using part of the cash, wouldn't Richard be happy to report that borrowings were paid off instead of saying "low gearing levels".

Can anyone remember what the budget was for costs? $110? Based on the average of sale price of $144 there should be some profit and cash, term deposits and receivables should have increased.

Seems like it's a report saying something without saying anything much.

Undecided on sentiment right now. Lost approx 50% and trying to work out if I am holding for irrational emotional reasons or if the company has reasonable future prospects.

I know GRR is not cheap compared to many Haematite producers but is GRR a cheap producer of Magnetite?