Ann: Quarterly Cashflow Report - December 2018, page-78

The market has spoken Henry. Never ride against Market sentiment AJM have shown an operating profit ( granted it includes €11m advance from ganfeng), but an operating profit of €13m versus A40 loss of .... I have been watching guys on this forum preach here all along about sales this and sales that - sales are vanity and profit is sanity. A40 has a massive strip ratio at the moment 16:1. I'll not be investing until the bad news of cost consumption properly filters through in the quarterlies. Then I will invest in A40- I'm not against A40 I just have to get my timing right with this one. There is no DFS, therefore cost consumption and economics are harder to assess. That's why I'm on the side lines at present- but it's on my radar.