Ann: Chairman's Address to Shareholders, page-9

@Stocks78 - as previously mentioned AISC isn't super low, though will be quite competitive once current capex projects are finished.

Even then it's important to remember, that it's not like other gold miners are standing still in regards to reducing their costs and increasing production, though I do believe MML is positioned to make greater inroads on both those fronts in the next 12 - 24 months than its competitors.

Not hedging is a double edged sword - and something that has worked against the company in a falling gold price environment.

Investing in a non-hedge gold miner is great if you think gold price is likely to rocket up in the near term (which it seems like you believe), but if you're investing based on the gold price going up, you might be better served just taking a leveraged position on gold itself rather than investing in a gold miner given that operation of the mine/resource matters just as much as the commodity price itself.

Also, I don't think ranting about the current structure of the monetary system serves your message in regards to MML as an investment.

Whilst I agree the current monetary system has flaws and perverse incentives which in the fullness of time will result in a choice between debasement or default, both of which are potential positive environments for gold; the idea that the "day of reckoning" is near is a risky assumption (people have been assuming its imminence for decades)...

Never underestimate the measure unto which the existing stakeholders are willing to go to keep the status quo...

So there is always the potential for things to get worse, before they get better.

As the old investment sayings go, "the market can stay irrational longer than you can stay solvenent" and another one I like is, "it's OK to be wrong, it's not OK to stay wrong".

And for what it's worth, based on gold's recent falls I think it's likely to make new lows in USD terms (though I suspect we have seen the lows in AUD terms). For me the question is if it will bottom above or below $1000USD...