class presentation, page-5

Jojo,

After being burnt on a poorly timed entry into MCR, now having a look at WSA again. I can survive a hit on MCR, got LIM,AGM,ALB,JBM all pretty good on entry exits (gave a bit up on early LIM exit). Trimmed my beloved IGO a tad today. MCR is a growth coy, but it is hard money (ie hard work for Moore at the margins). Perhaps WSA is the next easiest money after JBM?

What I am seeing is a lot of the new breed of miner struggle, eg KZL,PEM,TMR. They are starting to sound like oilers, shifting emphasis from NPAT to EBITDAX margins or to cash costs. Not buying it. ALL the ducks must be lined up, chain as strong as it's weakest link etc.

I "THINK" WSA has what it takes, but would like to see more track record. Would also be good to have some economics on Diggers South, and complete costings rather than just C1 costs for FF. MCR is very good in comparison giving an overview of the economics on which an FID is done, eg for Carnilya Hill. You might make your fortune quicker with WSA, but unless you bought at very silly prices (as opposed to the simply silly prices I bought at) you will reliably make decent money with MCR.

This ain't going to be an easy year to make a better than zero return. I'd be rapt with a plus 30% from 1 Jan as things are, but that is probably plus 60 from here!

EL