Finally ! someone seeing that Henty is a greenfield play not a...

Finally ! someone seeing that Henty is a greenfield play not a near term production play ! all the near term oz's were mined keeping this Co a float in 2014/15. How many new oz's discovered for the millions that UML spent on drilling with/without Pybar - NIL That asset needs many millions spent on it over many years, unless you own a drilling Co !!

Thankfully the guys on site over the past 18 months generated positive cash from Henty on the last ounces remaining otherwise this could have ended up like Convergent !

Track record of previous MD who walked away with a bundle:
Investment in Goldstone Resources, a West African exploration play - FAIL
Development strategy at Dargues wanting to use cyanide - FAIL
Exploration success at Henty - FAIL
Cash utilised to buy anything of value - FAIL

Current asset base:
Bendigo (holding costs) no near term oz's or production from the orebody likely
Henty (holding costs) no near term production
Dargues (holding costs) given how market values the oz's (not as a dev project but as an exploration asset.)
Keen to see what the expert report says whenever it is released on the value of the assets.
Thankfully Board gave some money back already and hope to get rest back soon. Either way the asset base is the wrong fit for a Co like UML going forward and likely to be rationalised anyway Pybar just got there first - Bring on the capital return ASAP before all the cash is gone !!!