As an old fart accountant, I can’t help reading and re reading...

As an old fart accountant, I can’t help reading and re reading this ambiguous (like the last update report) quarterly and conclude that James & Co are still trying to put a lid on what is a good result. For what reason I don’t know. For eg I see that James is reclassifying a lot of the capital costs as an AISC expenses rather than amortisation over the expected life of the equipment, also keep in mind that lot of the one-off capital items were funded in the last 6 months won’t be repeated for years to come. Interesting accounting method! Then he mentions Henty four times as the turnaround story; It’s a dog’s breakfast and should be on care and maintenance. Downplays the old SGI and VAN assets as ‘challenging’ yet as stated in the last report the resource estimate has increased (albeit with lower grades but still a net gain in overall resource), Plutonic is now officially turned around (a 7-year wait) into profitability. Marymia gold reserves have increased, and open mining is scheduled for Trident further reducing AISC. In fact, given the Henty issues and the stagnation of activity in the Victorian sites without SGI and VAN, CYL would be in dire straits. James has no major broker following CYL, James is nowhere to be seen on the mining seminar circuit, no marketing articles other than ambiguous updates and activity reports. Don’t know what game he is playing but IMO it sucks!