Bizzboy,i do not see any disappointment with profitability.Most...

Bizzboy,

i do not see any disappointment with profitability.

Most of us who have been around long enough have seen where the cash has gone,with no cash asked for to keep doing the same old same old,but only for growth,both in plant and size of operations.

Even then,if you discount the cash that went to CRE,it's obvious the Mount expansion was done for a darn site less than $13m budgeted and out of cashflow.

It should now be cash return time from the initial pit outlays along with extra cash generated from them,less that expended on even more growth.

So one would be expecting cash to be piling up somewhere,for the company's next move.

You are right though.
Generating cash,is one thing
Profitability another
But THROWING OFF CASH the next and most important step.

To date FML is profitable,generating cash beyond operations allowing staged growth and development/exploration.

Running sharp and lean has made this possible,but now is the time for cash piling,given the COOLGARDIE operations are now filling the mill,a breather to do so is required.

FML was lucky,with the pits opening,u/g problems could be covered.If they weren't there FML could have been toast without a cash buffer in the bank,if it suffered a significant loss of ounces.That does not make shareholders overly happy,nor the board,i suspect.Given staff changes and staff meetings,i guess this will have been addressed.

Fitnfam

DYOR+DYODD Here's to a bumper QTR,i hope.