Ann: Half Year Results December 2016, page-5

Interesting seeing you here loki. I've been going over some of the presentations and information the last few days about the new shaft and trying to get a feel for what MML could be producing in 6-12 months when all the capital projects are finished.

As you pointed out the thing that appeals to me about MML is they haven't tapped the market for a very long time. The cash burn last quarter was highest for some time but from what I can see it was mainly related to bills for the shaft coming due all at the same time. I wouldn't expect them to burn as much cash this quarter and gold should average over US$1200/oz for the quarter.

Market cap below A$70M seems to be very strong value. They also seem to be relatively immune from the Philippine mining auditors compared to say OGC. Being an underground mine helps considerably in this regard.

Do you have an estimate of production ounces and costs if they can get it running as intended? From what I can tell there should be significant improvements to both tonnes and grade. 120 koz + seems very achievable and costs probably below US$800 AISC.