Ann: Full Year Results 2015, page-70

As Legume said, MML is investing its profits back into capital outlays such as mine development. A lot of money is being spent on shaft upgrades to allow MML to increase the amount of ore that can be moved from the underground pits. The more ore they can move, the more they produce, the more they sell and the more profit they can make.

Remember that some companies have a lot of debt to invest in such capital outlays and this debt is weighing a lot of companies down especially if it's in a strengthening currency like USD... whilst MML is debt-free and continuing to operate withing their means. It's a company I would back any day and it's unfortunate they don't have the benefit of the AUD POG. I think the current price is heavily resulting from their reducing profit making potential at the current POG. Once the capital development is done and such expenditure is reduced they can focus on building cash reserves. If the POG should turn upwards after the interest rate decision in the US, MML will be a solid play.

I am going to buy some more at this new low... I entered MML at $0.81 so I'm feeling the pain but I know the current price is transitory due to the USD POG and gold sentiment. As soon as this turns things will be a lot better for the company.

I hope management slows down mine development to not eat too much more cash reserves whilst the POG is low. As this will dictate future moves for MML.