I appreciate your sentiments @ozblue and like you I think they...

I appreciate your sentiments @ozblue and like you I think they need to start reporting higher levels of free cashflow... that's why I am on the edge of my seat for this June quarterly.

Whilst I feel they have started a trend of hitting production targets, improving head grades and reducing capex, they haven't produced a quarterly that has "surprised on the upside" which makes it hard to get "super bullish" about current valuations when they've had a couple of years of "surprising on the downside" which is why I was a little nervous about seeing the expectation that the ASIC would rise in FY16, when the rest of the gold mining industry is forecasting lower ASICs in FY15 and FY16...

@Wieman01 and @stlamc - my issue with the Net Asset position of MML is that it is mostly made up of exploration expenditure.

And whilst I do agree with you that MML is still presently only valued at NTA, I'm not sure how much safety a share trading only slightly above it's NTA really offers, especialy if that NTA is mostly made up of PPE rather than more liquid assets like cash...

When you look at iron ore miners like MGX who have a NTA of $0.32 IN CASH that didn't stop their SP dropping to $0.17 recently (and they have be trading below their net cash assets for many months).

So I think when it comes to miners and their share price it's better to have a profitable miner than a high NTA backing. So I'd rather that MML's ASIC was trending down toward the bottom quartile of producers rather than up.

@CPDLC and @stevea171 do you have any thoughts on the matter?