john greeve at arc usa, page-5

Yep Tibbs I couldn't agree more.

I tend to think the stagnation may stick around for a bit yet unless the gold price really does surge ahead above $1500 then we may get a bit more of a re-rate.

Completely agree the 2nd half of the year should be more exciting as there will be more significant things happening and just a stronger news flow in general. Well it may kick off the proper interest just before 2nd half of year.

Here's an approx list that should drive the share price higher that we should get:

- Next round of drilling including some spanish galleon, diamond drill holes & some more extension drilling. (I think the bigger plan for Spanish Galleon will be important but also important is the diamond drilling as they believe the grade gets better and more economical to mine the deeper they go, throw in the fact John Greeve stated in a presentation they believe the diamond drilling might add around 400k ounces to the resource upgrade.)
* Guessing drilling starts late this month, results probably early June.

- Resource upgrade in which should be significantly larger than the last one & of course get more of our ounces over to measured for bank finance, also hopefully extending the strike length again meaning the possibility of higher than 50oz per year production.
* Probably in August as per presentation video.

- DFS due, while John Greeve said it's not to dazzle the market it's to allow the company to progress to financing. It's still an important step and with metallurgy improvements hopefully means we may get a slightly cheaper extraction and higher recovery rates yet which will add to the bottom line.
* Likely to be out in June

- Project financing. I think this is a pretty important one as it will show the companies hand in relation to further dilution. In the presentation John stated they've already had bank offers of around 30 million debt based off the current measured resource.
* I am going to guess they will secure this shortly after the next resource upgrade so perhaps late August or early September.

So looking pretty good I think all of those 4 points link up nicely together and are really not too far into the future. Any other things delivered will just be a nice bonus. Just remember I'm just speculating on the timelines I don't know anything for sure.

The ironic thing about accumulation on any silly dips is that it'll be smart for sure but we could probably just be accumulating at these levels and in the long run it won't matter. There's a definite plan in place to get MYG producing in excess of 100k ounces in the next 3-4 years. If the gold price holds up thats going to be probably some $90 million profit. As a long term hold if you have patience this feels pretty safe IMO.