confused, page-34

Exactly chinabrian thank you for your efforts. And Recyug for his hard work and Infose for the alternate view and robust debate.

FML started with toll treatment of Tindals. It then borrowed to expand and become an independent producer. It raised capital etc and again before final commissioning to stock up on spares for the mill as a risk mitigation strategy.

The issue was always having enough constant supply of ore to feed the mill. Low grade stock piles were a feature of early production from 3MH to make up the balance and this is being addressed over time.

I am too busy to do any large posts here but you can follow the history via a thorough review of the annual reports.

My point is that the expansion has been 3MH, The Mount and the Coolgardie pits (3 now). This is not accounting this is operations - production facility - new mines - expansion. They decided to accelerate via dilution at 7.5c last year so this was externally funded acceleration of growth, so not via operational surplus cash flow.

However the initial development on the pits and the new UG mine were from cash flow. Period.

Then came CRE and we are nearing the end of a consolidation period. I can see Infose is using a different frame of reference and this is where the apparent confusion lies.

FML have been expanding via allocation of operational surplus and capital raising so both arguments merge to a point.

To me CRE was also expansion and so were the new mines. CRE is now expanding initially from an internal loan (source cap raising diverted from FML expansion) and now looking like it can continue from surplus operational cash flow in its own right. Thank you to the FML was as FF puts it.

The cost of production is less than sale price at CRE now and has always been at FML. The rate of expansion has been enhanced via capital raising. These are simple facts and I hope put here in simple terms.

We can agree to disagree but who else cases. I see FML going up SP wise and this is what really counts for most shareholders. Now back to work.

Cheers,
CW
DYOR&DD