Life of mine extension, page-77

Hi @malvernmoe,

I suspect you're pretty cheesed off at Mr. W and perhaps understandably and then overall at management for a perceived lack of progress on increasing LOM via whatever means. Rest assured other holders undoubtedly are also keen to see events materializing on that front and in time have no doubt it will - just how much more time is perhaps the only question. Management cannot be specific about something that as yet has not occurred but the way I see it they are working towards it and due to disclosure obligations we all will know when more firm details can be confirmed.

Regarding share issuance to Mr W, we can grumble all day but none of that will change how it was done and on what terms - bear in mind the majority has voted for this - you and I may not have with some others but the majority 'rules' - or so we're continually reminded.

Regarding sp I'm generally content that stellar back to back divvies have been paid roughly equating to around 14.5c if franking credits are included and with IO prices having increased from their lows and lower overall costs per tonne, cash build is again on the way up perhaps allowing for a small interim payment. Thus the combined net effect for a 2 year period at today's share prices half has been 'repaid' as total dividends - makes the share price look better than what it actually is currently.

In the event of no interim divvie, there should be another hopefully similar one coming later during the year - a sudden spending spree on an asset find perhaps overpaid in the rush nothwithstanding. If Mr. W's share offerings were generous and the trucking deal somewhat overpaid for - do you really want Mr. W to rush into another 'blunder' whereby not only the sp may tank but also cancel any potential further dividends??

In the end, we all want sp appreciation and if that can happen with further dividend payments with Mr. W at the helm then I personally don't worry about Mr.W and his 'generous' renumeration as I'm also rewarded.