I'd hazard a guess that the market is waiting for the...

I'd hazard a guess that the market is waiting for the announcement on finance rather than an MoU announcement with GNG (the company's 6th largest shareholder). GNG took up a share offer in lieu  of payment for earlier engineering studies and the market may be cautious on any non-binding announcement from parties with shared interests.

What I would add however is that GNG has, for the most part, bucked the engineering services trend of many peers and stabilised its operations (in financial performance) and outperformed its peers in terms of market valuation to regain its 2012 position (let's not look too far back though !

It's a really positive sign for those of us that are current holders however for those that are following the ticker anticipating a stronger signal on project progress, they probably don't see enough in today's announcement.

I appreciate many shareholders have lost money on MYG. I myself had to load up at 0.028 in July 2013 to cover my losses when I entered at 0.105 in 2012...there was certainly more profit on offer when gold was trading at ~$1650 p/oz. As usual 20/20 hindsight makes me question the value of investing in a company that has not returned anything to me for 2.5 years and put my investment at risk with over complicated project plans, diversification into Iron Ore (that one could have popped the company given the short to mid range Iron Ore predictions now playing out) and really - again on reflection - a poorly managed funding/ investor strategy.

That said, if I had my time over, and if ever there was a time for me to take a punt with the $5k in MYG I originally invested back in 2012 - I feel this is it. Funny thing is, I am not investing anymore until funding is secured, which makes you realise that if I'm not investing more (and I believe in the project) why should any other mug potential investor?

Whilst some fellow shareholders are concerned with remuneration of senior management and the directors, I can assure you that it is extremely rare in the current climate for multi-million projects such as a gold mine to get off the ground without having an experienced and well respected (at least by peers in the industry - including financiers) management team in place.

JG was in my opinion overpaid, but that wouldn't have mattered to me if he got the project up and running. My position on the current team is you have to back them until evidence arises of misrepresentation, mis-management or gross negligence. A company secretary that also works as a financial controller for instance is not a senior accountant role and you'll struggle to find anyone in Perth for less than ~$192k + Super. It's not a receptionist role and I'm growing tired of reading criticism on that but whatever, each is entitled to an opinion.

Standing down a Director  of Operations whilst you are tendering for funding is not a good idea when due diligence assessments and detailed planning reviews need to be performed by lenders. If you look at Page 31 of the annual report you will see the company took out 25% of salary costs in FY 14 (inclusive of JG’s $200k leave payout) and reduced the MD salary by 10%. Not exactly a stellar reduction but at least some concession.

This thread has several inaccurate statements regarding 2014 drill results and reference to statements in the annual report about funding beyond the debt component. The best post i have seen on this thread was Mick's mention of XST...sad reflection of a thread on MYG.