Ann: Koolan Island Progress Update, page-5

It’s funny how people become negative when SP dips a bit . Without sounding cliched I am grateful for the weakness allowing me to buy back at an average that represents a 70m discount to cash, and the company is doing a sterling job . Discounts now 81 m
When the SP was 18c , the Io was plumbing new lows , MGX was barely making a profit and they had not received the 150m insurance proceeds. They also didn’t have IH approved or KI . Today they are producing profitably at IH , are half way through KI and have about 465-470 m in cash vs 300m. You cant claim it’s the same and decision making about capital management is the same either . The CC when it was 18c had a particularly sombre note, today they are quite bullish
Tokyo, I wouldn’t mind them doing a buy back but would like to see them buying back at nothing Higher than current price. Buy backs work slowly if they focused on buying cheaply and it would take a good year to buy back 10% by which time KI would be operational
It should be noted that the IO weakness has been partially insulated by the fall in the AUD so in practical terms has only fallen about 60% of the headline rate in AUD