I see the exit strategy here being one of two:1) The Cardinal...

I see the exit strategy here being one of two:

1) The Cardinal Resources approach (CDR) - a complete 100% cash take out of minority shareholders at a whopping premium

2) The Hawthorn Resources Approach (HAW) - Majority Chinese shareholders ensure excess cash returned via large capital returns and special dividends (less growth budget for Laverton).

I note that each 1g/t increase in grade at TMH adds about A$100m revenue, all profit. There's $350m c/f tax losses. When the higher grade Bonnie Vale material hits the mill from 2024 onwards, annual cash flows swamp the debt and market cap combined. Exciting times. Its not a matter of if, it really is just a patience game.

In the quarterly they completed over 23,000m of drilling at Coolgardie during the quarter, and in typical FML form, no drilling results. Usually in spec-land that means bad news, but I suspect FML wants positive surprises going forward, LOM upgrades, grade increases and most of all, more cash flow. FML may well continue to fly under the radar with its crappy disclosure and large chinese holding, but one day very soon the cash flow is going to be impossible to ignore. Bonnie Vale is the one to watch.

GLTA