Ann: Investor Presentation May 2016-MML.AX, page-5

I sold on the open this morning so that I could spend more time thinking about the value of the shares without having any pressure on my back to make a decision. The impression I got from the presentation is that MML will remain a very slow mover (subject to gold price variations) and there are likely to be other opportunities out there if the goldies do take a breather over the next 2-3 months.

I thought I was investing in a miner heading towards 150-170k ounce pa from FY2017 once the service shaft was installed, but now it seems that there will be no growth. The claim that the mill is operating at near 80% capacity seems misleading if one assumes that the 2500 tpd rated capacity translates to an annulised throughput of 900k tonnes and they processed only 135,725 tonnes in the March quarter which on an annualised basis comes to 60.3% of installed capacity. This implies to me that either the statement about their operating level is wrong or the mill's actual operating capacity is below its rated 2500 tpd, at perhaps only around 2000 tpd.

A key factor to the success of the company will be the grade of ore processed - which could turn out to be extremely variable, depending on the level in the mine from where the ore originated.

Good luck all.

loki (I dunno - I just do not get it, and probably never did)