Ann: Resignation of Company Secretary, page-23

Maybe I will venture an answer. I still have a very small holding. I sold out most after the last quarterly. My reason was the fact that no matter how good the assets (notably Federation), the company managed each quarter to have one aspect or another not firing operationally so as to ensure no lift in SP or overall performance. And its pretty clear now that Dargues is the problem so many here suggested. Going into this quarterly I find it very hard to believe that inflation and staff shortages will not have impaired performance. Moreover we know that AMI is one of the producers most impacted by power price hikes. I keep a few because I like Federation and my wee punt is that notwithstanding my quite negative sentiment generally, Federation may get to over 10Mt at the current high grades and prove to be enough of a boost to offset any operational negatives. If the share finds a floor on that basis then I can just forget about it for a few years. Not quite a free-carry (actually not even close!), but maybe something with limited downside and the possibility of windfall upside if and when the company can get its act together.