Ann: Yanqul Copper Gold Project, page-3

Great observations and I could not agree more.

I always have in mind the words of a contributor many, many months ago (could have been Mars) who said LYL has a balance sheet which could survive a nuclear winter! The P/E ratio is below ten with a dividend higher than the major banks. If you'd bought in early 2016 it would be a ten-bagger. Obviously it hasn't been P/E expansion which has made the share price higher but actual earnings. Our returns on equity and capital (from the Commsec "Financials" screen) are fantastic too.



These guys are quiet achievers. Mention Lycopodium at a dinner party and nobody has heard of it, but they must be highly regarded in the industry. I read some criticism here months ago at how a lot of their revenue comes from Africa. In my mind, if you can successfully complete projects and earn money there, you can do it anywhere. The announcements taking us into 2026 and 2027 keep coming through. fifty million here, a hundred million dollar project there. They will literally be paying dividends for us into the future at 40-45 cents (maybe more!) every six months.

And with the push to electrify everything, we need a lot of copper, zinc, manganese, lithium, etc. Which means more mines. More feasibility studies. More projects; more work. The US has printed so much money that gold isn't going away as a store of value. Gold mines are our bread and butter. You're right about the market pricing us as a 'cyclical, one-good-year-in-five company', but I can see more demand for metals in the medium to long term, not less.

I am glad to see Mick stay on as a board member. He's done such a great job and worked so hard for so long. He deserves to take half a step away from day-to-day business but still stay involved.

I bought a few more at $8.75 in October. I hate averaging-up, but feel comfortable with Lycopodium. Maybe if there were 400 million shares on issue instead of 40 million, more shares would be traded each day and we'd be trade at higher prices. Who knows or cares! This time last year Mr. Market had LYL on sale for a week or so during Christmas and New Year on very thin volumes. Am always keen to buy a few more on weakness