Ann: TGM: Theta Gold Takeover Bid for Focus Minerals Limited, page-61

Hi GD,

Agree with your comments as I have been averaging down over years. I can’t wait to see $2.15 again or $10 would be a dream right? SD have kept their cards close to their chest and haven’t really released any ‘exciting’ new finds which is a contradiction to where FML were heading prior to SD taking over. The lack of transparency has been a concern however still can’t argue with the potential below.

With reference to the circa 235M on drilling, the way I see it is those monies would have been spent either way. So why hasn’t this been taken into account when valuing the company? Up until this year, the company boasted NO debt.

KAL just announced a fairly significant find east of Kalgoorlie (link below). As per the attached map taken from FML’s website, can someone confirm how far this is from FML tenements? Could this be what spurred SD to take a more subtle approach releasing a rights issue. SD have deep pockets so I have to ask myself why not fund the project. Maybe they don’t want to make too much noise. Whatever the case, it might be too late now that TGM are on their back with hopefully other bidders to follow suit. Hopefully this will prompt SD to get the SP where it should be to give share holders more confidence with holding.

https://www.google.com.au/amp/s/thewest.com.au/business/public-companies/shallow-gold-in-all-directions-for-kalgold-c-4868707.amp