mml - an investors view!, page-9

Hi Holymoses,

I didn't attend the AGM in mid November so maybe something was said to override/contradict the presentation, but Slide 4 shows that their CY12 production target at that time was 73-78Koz. First three quarters produced 48Koz so that's how I get to 25k.

The Baguio shaft was recommissioned in the first week of October with increased haulage capacity... 350 tpd vs. 250tpd previously. In the Sept quarter low grade 3 gpt stockpiles needed to be processed due to the fire, lowering the overall head grade and therefore production, so I'm expecting an improvement due to this.

However, to reach 25Koz clearly requires a much higher head grade and therefore a switch from mainly development ore to stope ore in the Dec quarter. The higher production can't be due to the Saga shaft as MML has consistently stated that this would be commissioned at the end of December.

However, I've had no contact with management and I'm just connecting dots from information provided in their quarterlies and company presentations. I'll be annoyed if they don't get close to that 73-78Koz target.
Cheers