offer extended, page-48

Hi Lenny,

Good point re: Mill upgrade. They are already running in excess of 1.2 Mt PA so upping it to 1.8 or 2.0 Mt PA won't be significant in terms of the existing crushing circuit. I do think however, that this may stay on the back burner for a while given the higher grade feed they are now achieving and that is is already >100,000 tonnes per mth of processing.

RE: Consolidation. well, it has been on many peoples minds for a long time now. Sure it will happen but when, anyones guess. Was hoping they might have a market cap in excess of 500M (without CRE) before they did it as it may give us less volatility with a higher level share register. I think the top 20 in FML still don't hold enough of the shares and there are too many floaters that could really rip into the price if we consolidated. Having a bigger more stable market cap may keep some of the fence sitters in rather than out.

Might be a good question for the AGM if we don't hear anything before then on it.

Likely i can't make it there, but great to hear you will be going. I am sure many other punters in here will also make the trek.