Vote NO to resolution 6, page-40

Say what you say but in the end of the day the fact is that the cre takeover was announced and secretly conceived
when POG was $1400ish AUD.

With the rise in POG since then and taking into account expenditures within that quarter and coming (based on FML's cash flow quarterly) one has to ask what if POG had remained at $1400 AUD, how MUCH MORE CASH would've been burned from the kitty from our current balance sheets.

Doing a few figures showed me how FML will be lucky to remain relatively cash flow positive by the end of the year. imagine what $2-300 less/oz on what roughly 80,000oz odd produced from the combined entity (last 2 QTR's for the year) would've left our balance sheet in.

I'm saying NO to Resolution 6 based on POOR/Inadequate cash flow projections done by management when they announced the takeover.

They went through their (CRE's) books they should've noted barricks OPA quarterly charges, excavation, trucking and wages (Low grade ore = more volume to extract compared to high grade = more fuel, excavation, wages and processing costs) and worked out a BREAKEVEN COST PER OUNCE prior to the takeover announcement.

It would've been more favourable to lend them money and watch them run into the ground and then pick up their assets (mill, known resources, tentements) avoiding share dilution.

CRE's (FML's SP actually) and our management's only saving grace will be a higher POG which in my opinion will spare us from another CR or Share Placement (probably only just).

As far as I'm concerned management should only get a pay rise based on inflation for the time being and wait till next year when we start producing some decent profits.

They can double their wages when they double our share price, how about that.