I wouldn't be surprised to JW buy his own drill rig. If he...

I wouldn't be surprised to JW buy his own drill rig. If he employs wisely he can have staff capable of exploration and other tasks ...... keep the costs of exploration to a minimum. Cash flow will permit this imo - no need for cap raising at all!!!!

Yes SP will stagnate for a while as we see evidence through cash build up AND head grades vs recoveries. The next quarterly will be the first (incomplete) benchmark. The next quarterly will be the best benchmark and so on.

Accumulation will continue until everyone realizes that AAM is under valued.

The one thing that JW got wrong in terms of the SP was that he didn't go to the banks and pleed to them for squillions of dollars and he didn't go to lots of brokers for lots of cap raisings over the years. Other companies that do this (i.e. Regis) get access to more investors as there is a vested interested in the company (i.e. banks and brokers). AAM has no such 'vested interest' as such we suffer on a SP level.

Because AAM has entered production with relatively low shares on issue and almost no debt/ hedged position I would not be surprised to hear of a DIVIDEND policy coming out. Based on 198 million shares on issue why would JW spare say 2 million a year to a dividend policy (1c/ share). After all AAM should be generating somewhere around 18 million/ annum PROFIT before tax.

A dividend ..... hmmm now that sounds tasty. Something the 'other companies' with squillions of shares on issue and debt won't be able to do!!! Time will make the distinctions between AAM and the Regis's of the world.

GC