Ann: Chairman's Address to Shareholders, page-4

It's also a bit of a shame that they are already noting that Q2 production will be lower than Q1 and lower AISC's are still 6 - 18 months away.

I feel like MML constantly struggles to find the momentum that many other Australian gold mining stocks have been experiencing over the last year or so when there always seems to be some moderately disappointing event/situation that stifles the publishing of an unambiguously positive report.

There is a lot to like about MML and in my opinion it may be the best value ASX listed gold miner, yet it's hard to blame the market for letting it languish when it's yet to produce that GREAT report that would warrant the market having a second look...

FY16Q1 - $8M reduction in accounts receivable
FY15AR - $260M impairment
FY15Q4 - AISC of $1073
FY15Q3 - only 24k oz produced
FY15Q2 - AISC of $1238
FY15Q1 - only 21k oz produced

I had hoped the next half yearly report could have been that catalyst the market needs had it been able to string a good Q1 and Q2 together to potentially produce a EBITDA of A$45M+ for the first half. I felt that this might re-highlight that MML is trading on an EV/EBITDA of 1 when most producing Australian gold miners have been trading on multiples of 3 to 7 (which are probably still undervalued).

Alas, it's sounds like Teo is already suggesting we shouldn't get our hopes up for the Q2 report.

So we may be waiting until mid 2016 for the annual report or maybe even 2017 for higher production and lower AISCs until we get that report that get's the market really excited about MML again...

Which is leaves us with Teo's very uncomforting final words:

"Let's all hope for a higher gold price next year"...

"Hope" makes for such a poor reason to make an investment.