Ann: Expansion Study Confirms Mine Life Extension Strategy, page-21

Hey Flaming, cheers for the reply. As a non-holder I find it easier to be critical. MOY were the ones that needed to raise when 'they didn't need to', was not RMS. As in reality, RMS does not have the ability to dramatically change their main plants ore feed sources. Or to head U/G for the first time to increase their grade (RMS have been mining U/G for 2 years now). MOY on the other hand can (and def knew about the possible plant upgrade early in the year) $46m for the plant upgrade, perhaps $15m for the U/G development, we are talking at least $60m. If MOY take on a large amount of debt, I won't buy (no loss I assume you say), but.. I think it adds a lot more risk when MOY is not a low costs producer, with only 2 years of reserves.

Management might be very unhappy with the current share price and not want to raise, but... the market can clearly see that for the near term, perhaps even 12 months, MOY is going to be treading water, or... need at least $10-15m just to develop U/G Bartons. Yet the market also clearly realises that management are very keen on the plant upgrade. i.e.... they know/predict a lot of shares are going to be printed to fund it. For what its worth, if they did a large entitlement issue, at a good discount, say $0.12, I bet they could raise the money right now, perhaps $40m at least). If holders take up their entitlements, no real dilution.

As for the quarterly, I did not mean that they won't meet their guidance, more that they are forecasting $1580 AISC. Add in studys costs, exploration etc and they state, they will burn through perhaps $12m.
Perhaps they will do better than that, I hope so.

Anyway, good luck. I actually really like MOYs dirt. Just a shame they are so held back from growing the company at this point in time.