second strike, page-32

What is this talk of $60M in debt? Last time someone talked about debt (a couple of weeks ago) it was completle without foundation. You post false statements like that and you should be held liable for anyone using that information in a decision. Where do you get that from?

Last quearterly direct from report, available cash $9M+ bullion, other cash (bonds) $13.5M. Debt = zero! The only figure of $60M is the forecast production expenditure for the next quearter. This is not debt this is expenditure which you subtract (with development and capital costs) from revenue to get earnings (before depreciation and taxes etc.)

And some more news for you, your forecast 44koz production at the current gold price ammounts to about $75M which is about the same as the total forecast expenditure so they are not making a big cash profit. However put in a forecast a$1800 gold price by the end of the year and you get A$5M cash proffit. Not big but $20M cash per year is <10% of our market cap. They also forecast a slow improvement in costs, and the gold price is forecast to increase (by some) north of $2000 going into 2013, and every $50 increase in gold price or decrease in costs is $5M more per year.

So the reality is FML is a long way from a struggling company with $60M debt. Sure they are not currently making great cash profits, but there is potential there. The currnet price is significantly discounted against their peers, many of whome do have debt. I am getting tired of correcting peoples imaginative statements here, so my figures may be a bit out, which is why you should look at the quarterly and do your own research.