The Outlier

Until recently Blackham was an odd "out of cycle" play in a booming sector. That attracted me and I get the reasons, but much of that was backwards looking imo. Going forward: a mill, no debt, cash on hand, finance building, a large resource, drilling campaigns underway and new mgmt (being well organised strategic mgmt in my opinion).

Wiluna has not had pulsing vitals like that for a very long time. Then there's the high AUD gold price which much reduces the pain from the frontloaded development / high intial AISC. The access costs to the free digging ore are pretty much paid now imo.

Also liked the tone of the Qtrly with its 'this is the problem, this is the fix" statements. A marketer would also shy away from "Wiluna", but MJ clearly wants that name restored and respected. I don't believe he'd be proposing it unless he was very confident of doing it.

Provided we don't go and repeat it, the past is also worth $'s. Producers are becoming so profitable that they're finding the tx % of total revenue is a sig cost. If/when we fire up, we won't have that problem.

Also like how the shareholding is split. Have come across Delphi before and the larger shareholding blocks are sufficiently diverse that no existing shareholder, or outside predator, can easily take control. Suits me as I want the full multiples that I believe are on offer over the next 3 yrs from company specific and macro events.

The market doesn't tend to value the sunk costs of development until the cash starts to flow. Edging up and I've run my numbers. Expecting the Sept Q to be our major rerating driver. Topped up recently.

Don't mind being early cause I'd hate to be late.