how low will sp go??, page-3

I'd love to think that 4.0 will be the bottom but I don't think the business should be valued based on the replacement value of the mill. The valuation of this business is, I suspect, the price that existing and new investors will be prepared to pay in the next fundraising round. Judging by current depth, that's not much.

My FML portfolio weighting is such that I am able to stay on the ride to see if it comes good and intend to do so. I have a personal view that gold's going higher in the next 12 months and I hope it does this in time for us to avoid a capraise at low levels.

However, unless there is a solid change in operations (or strategy) and the business starts to throw cash rather than use it, I suspect the Board will be raising at between $0.03 and $0.035.

I hope I am wrong.