@miningnut: Kudos for taking a 1.37% stake. I think you're going to make a lot of money on it. I also appreciate your pre-quarterly financial analysis.
@All shareholders: I understand a lot of holders are feeling frustrated right now. I must admit I'm feeling a bit frustrated too, but my entry is around here so I'm not offside. Gold is rocketing up and MML is doing nothing.
I think a lot of the pessimism is the result of negative sentiment and lacklustre price action, but ultimately the value is there, and eventually it's going to be reflected in the share price.
Take a step back and take a look at the bigger picture. Amid all the management bashing, have management actually done anything bad to the shareholders? I don't actually think so.
If they're playing the 'long game', they're actually doing the right thing. Why would they want to ramp up production with gold around USD$1000-1200? Much smarter to ramp up production with gold around $1300+. If gold goes above $1500, we'll see a huge expansion in reserves from reclassification of existing resources.
The margins are so much better at current price compared to a year or two ago. The gold has always been and remains in the ground and they will get more for it now. They basically mined the bare minimum when the gold price was low, just enough to cover costs and keep the lights on.
All through the gold bear market they managed to maintain free cash flow and avoid a capital raising... absolutely fantastic!
If idiots want to sell around current prices, who are we to stop them? We should just take the other side.
On top of all that... Arbiter and Ruffers already own at least 25.25% and are constantly buying more. If you think about it, there's not really any serious sellers left... only little distribution algos that sell 50-200 shares into the bid once in a while to keep the chart looking ugly. No human does that.
I speculate that the distribution algo is being run by Arbiter or Ruffers, so they keep sentiment down and acquire more. They can buy another 15% without telling anyone... so that they own 20% each.
Once they do that... quick offer for 10% and they'll take control! Either that, or strike a deal with a couple of the larger holders and Bob's their uncle.
McNoob
MML Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
