Ann: GRR - Quarterly Report for 3 months ended 30 June 2015, page-212

MR.

You know the mining sequence plans have changed since the ABM/Grange merger, so why keep badgering on about how the North pit reserves will be exhausted by 2018? They're not, we've barely scratched the surface there.

Why has everything been delayed? From memory:
- In 2008 GRR had debt and bucket loads of it
- GFC --> No access to funds to start the North pit extension project
- Late 2009, the company raised ~$130m to clear some debts and WC
- Mid 2010, Major rock slide in North pit
- Unrealistic expectations.

Those were the days! In 2010, GRR was the best performing ASX stock, and believe it or not, it had a messy balance sheet, major delays with the North pit extension project (barely started at that stage), a rockfall that wiped out the eastern wall of North pit... despite all that GRR entered 2011 as a >$1 billion company and every broker in town shouting for GRR stock.

Fast forward to 2015, GRR is one of the worst performing stocks, and believe it or not, it has a clean balance sheet, projects are tracking on or under budget and time (mining in North pit back on track), conservative approach to geotech, announcing profits and more profits... and despite all that GRR entered 2015 as a <$100 million company and every broker in town dumping GRR stock.

If you want the latest LOMP, ask the company, perhaps ask them to release it in the Annual Report if you can't get a private copy?