Ann: Leadership Transition, page-32

It is likely that Jim would be selling shares, so potentially his exit would have a negative direction on shares until he gives final notice of holdings, but not necessarily reflective of the organisation, its past performance, future potential, skillets of staff retained or current market sentiment (the stock market has gone from a surge to flatlining fairly quickly).

We would argue there is potential for the POG to move up, meaning AISC has a lower impact on the bottom line - exactly where you want to be, cash in hand with the ASX market overdue and now ripe for recession.

In suhh scenarios the market almost always turns to gold meaning even low profit miners prosper - not even taking into consideration efficient miners such as AMI - last report was not indication of systemic low grade, as noted in the report.

I wonder if consideration of high inferred resource, high AISC mines would be a smart move to keep in the back pocket with spare funds, and look to mine, contract or sell these when prices rise.

World markets are in a goldilocks zone with little political, military or market pressures for which tensions are growing. This mindset never lasts for long and is the warning sign of so many rapid market falls before us.

We are heavily overweight AMI with a 13% portfolio allocation. Take today as an opportunity to consider what may happen if sentiment turns down, and you are caught out missing an opportunity with a debt free miner earning profits and looking for acquisions in a flat market after years of upturn.