Yes it is so easy to get the tone wrong I totally agree and yes it does go both ways. We can all do it - one caps in the wrong spot and what appears to be an accusation that has been leveled at me too many times by the odd (occasional) ratbag troll - which you would not remember but I do - and it all came back.
My memory is too sharp at times and yes I am working way too hard at present. My father may be dying in hospital he is 86, and I have an operation coming up and all sorts of stuff going on here to be honest. Just life stuff I have to harden TFU.
Let me try to answer your question - no hard feelings and thank you for the explanation I appreciate that more than you will realize...
The Board have not decided to hand this over to me at all bazza d2 (calm voice / type). Only that they are prepared in good faith to allow me to add to what they have to say because I am a shareholder and have this unique communication line to you all in here, and Members too. Perhaps they like my over analytical mind and mining and business acumen hard gained too. The gesture is added communication and I understand the need to get what I can across here and in the report as fast as possible - pressure I put on myself to assist.
I am totally prepared to put the whole picture - the REAL (your emphasis again relaxed now) - to you all with the benefit of greater understanding. Walking the ground, talking to key staff I can gain far greater 'flesh' around the information publicly available - I can push in between the lines to fully understand and ask questions to ensure I get it right. This is what a SGG or Fund can do and I share this - it may be the only way you will get such a close and considered view. Verbally I can share even more and do so at times. Written missives are limited. I am not claiming superiority as myself but my view is 'a lot closer' - I think that has value and that is what I mean by 'understanding'.
When things get angry in here a thoroughly researched post carefully constructed like this can get no votes and an angry one of 5 lines (off the mark IMO) can get dozens. That is a function of the forum and the weight of opinion at times and I accept that. When it sounds (reads) like somebody is 'demanding' of me in this context I get a little disgruntled. Yep - truthfully. My time my opportunity cost.
You stated: "Thirdly,as you are more than aware of the disgust most of the shareholders here are feeling with regard to the ludicrous length of time it is taking for this letter to be penned and delivered, why are you not asking for a simple time frame estimate for this, when you appear to have their ear?"
I answered this in another post I hope you got that. Glenmore uncovered the time frame for you and I repeated it. I hope I covered the fact that the "ludicrous" length only indicates care - and that the data you seek has already been communicated by DT. More care and detail is to come, me added.
I will explain in my report how it is improper to state things like "we will refurbish Barnicoat by March next year at a cost of $47.7M and etc". Fact is a prudent & professional approach is needed and will be delivered according to best corporate practice.
Targets have been prioritized now we need some time to do more drilling which will tell us where to concentrate further drilling and when (not if) the Resources and Reserves are proven the trigger will be pulled - at the appropriate time.
FML can't state we will locate xyz mill to Widgemooltha by September next year to process Lake Cowan and The Mount ore saving $abcM and producing $defM income over ghi years.
FML were (if deal approved) / are under capitalized to do the work needed at TI, The Mount, Greater Coolgardie, Laverton and Nepean in a time frame that can deliver the revenue base and free cashflow to allow dividends and for the market to fully value what FML already is. Shareholders can see the value but it needs development to bring it to fruition - then we will be valued at 10c or 20c or 50c or 2c if gold has already collapsed.
Here is a sneak preview of one paragraph from my draft in progress - I think this is important to share right now to add to understanding of one aspect of running a mining company:
"A rising gold price may be popularly considered a given however it is not prudent to factor this development as part of any financial plan. Financial plans require certainties, as do development programs. The Board are highly competent and would not put the shareholder capital at risk on an assumption about a projected future that may or may not occur. Corporate governance practices are clear about risk management frameworks and managing day to day operations within budgetary controls. For example fiscal responsibility dictates that even open pit design is all based on a much lower gold price to allow for unexpected fluctuations. Pit shells were designed at $1100 per ounce as appropriate. Please note this is sound industry practice."
It will take big$ for the Board to achieve the goals before us. Goals that they are committed to deliver, the outcomes desired by you all in the most appropriate manner - with the most efficiency in the shortest time frame possible to benefit shareholders.
I still believe the market has this wrong, it has reacted and is now settling down and analyzing this. 'Retail' - for the benefit of one poster I forget who - is a 'small investor' (mum and dad commonly termed) - not a Fund, Institution or sophisticated investor. I stated the big end of town will love this and will sit back and wait for the emotion to clear and take advantage of it. We will see if what we are seeing is just this effect, or if I am wrong.
Sincerely, CW DYOR&DD
FML Price at posting:
3.9¢ Sentiment: LT Buy Disclosure: Held
(20min delay)