Ann: Quarterly Activities Report September 2014, page-16

"Over the last 6 years MML has generated $373m from operations on revenue of $546m. Which works out at an overall operational margin of 68%."

Looking at the last 6 years is fine when comparing historic performances as you were doing but the market is more interested in the next 1-2 years and beyond. Grades are now much lower for MML than they were over the first 4 years and I don't know that they will improve especially on increased mining output. POG is now much lower than it was 2-4 years ago and cash costs globally are much higher than they were 2-6 years ago. POG is back down to where it was 4-5 years ago but costs are higher so margins are lower. I think this POG is unsustainable long term but as I have no idea how long it will stay this low, I use this price to determine which gold stocks I want to own based on their performance now and whether or not there is reasonable expectation of significant near term improvement. I gave up on that expectation of improvement for MML after the June qtr report and this latest report didn't give me grounds to change that view. I'll wait on the sidelines and wait for potential positive developments (sustainably higher grades preferably).