Have moved house and Telstra aren't going to connect until end...

Have moved house and Telstra aren't going to connect until end of month so typing with finger so only short summary.

In a nutshell titian grade of 1.3 g/t is the difference between standing still and making money when Percy was being mined because of its higher grade closer to 2g/t.

The short term issue will be capex on Milky Way - circa 18million which means cash will take a hit and even then it will still only be break even because Milky Way is also 1.3g/t.

Not sure why they are looking at Shannon u/g - they should go back to galaxy where a lot drilling has already taken place and shows promise with some very high results.

The company needs to give guidance on production from water tank so that we know how cash that is going to spit out since that is going to be the only potential upside near term. Is AIsc still going to be $765?

Their lack of guidance on titian, black mans and water tank has annoyed me considerably and has undermined my faith in management. We haven't had drilling results since early April nor any announcement on the water tank start up. I don't expect announcements every week but when a new underground operation starts its worth announcing to the marketplace.

Upside will come from further drilling success at water tank and morning star - I thought the results along the latecomer fault were very promising but management didn't really provide much commentary so can't be sure.

Until Morning star comes on line with its average grade of 1.7g/t the company will struggle to increase cash given capex/drilling costs of over $100 million in the next 4 years. (See mine plan announcement late may)

Certainly no spare cash to pay dividends.

GLTA/IMHO