favour for an old freind/foe, page-11

HT1.

Yes I tend to agree. It does seem like development of existing assets is the priority now.

Like I said - they seemed to have flicked the M&A switch to the "OFF" position as some kind of new years resolution without informing the market why a change in plan was needed and the way to go - why is developing C by 2017/18 better than for example JV with RXM to get Hillside shallow ore mined from 2015. Would have been nice if they explained the direction change and why they have changed from having M&A as the high priority focus one quarter to not on the agenda the next. Because they havent explicitly said that M&A is no longer a high priority maybe it still is on the agenda and is still a high priority after all, as well as fast track of other projects?

Normally a big change like this is based on careful modelling and a new fundamental change in the underlying assumptions causing a shift in board thinking.

The stated strategy goal on the 2nd last page is "SHAREHOLDER RETURNS". If that is the case and M&A is off the table as a priority why was reduced dividends necessary when they had $700M+ in the bank already and remained bullish on Cu and Au prices? They spruiked the M&A high priority broken record again back at the time with the caveat of "no bargains". Which made one think that the money would be used for M&A and required further hoarding to make it happen, not stuffed under the matress with all the other cash for another year of procrastination.

In case you couldnt tell I am losing patience with the OZL board not adding fundamental value to this company, I am happy they havent blown the dough on a dud, but i do not rate their performance in terms of adding shareholder value higher than 4/10 at this stage. Exploration is a good idea and may save the day. The OZL board skills at negotiating mutually beneficial M&A action is missing in action.

I think that the market is overly punishing the SP though and it could be a good opportunity to average down below $7, They have great assets and good operations so I still think that if the board succeeds at whatever the plan actually is now for adding value, there is some upside in the future. Lets hope before 2018.