Member Info for Psyclops

You make mention of FML dragging out the Merger - it is out of their hands. The Kazakh mining and economic ministry was split into two sparate entities mid last year after the merger announcement and there was no way they could have foreseen this. This merger is the first of it's kind that has been overseen by the new MINT and as a result has created a few delays. If we are still in the same situation in May then I would be concerned, but we are still in Feb, and it is not yet critical that it is signed off to the company moving forward and wont be until teh HSBC Loan is needed and the ESIA is produced. The Edison report also alludes to the merger as being one of the catalysts to movement and a true rerating, it also mentions that there will be a BFS - I think this is slightly mistaken for a CPR as we dont actually need a BFS - we are already funded and going forward to production...

Still here, just nothing more to add than what has already been added... The BoD are fully aware they have lost the support of PI's and this is obvious from the relelaticve lack of posting on iii ATM. The problem FML have is they are waiting for details from the Kazakh government which is out of their control and to think it isn't is just naive. I also struggle to understand why PI's believe there is nothing going on when you consider the news flow we have had in the last 4 weeks: - Director Purchase - ESIA commencement - Operational Update - Appointment of new NED - JORC Let's be honest here, everything is coming out, maybe not as quick as you may wish but it is still coming. The Edison note released yesterday clearly states the JORC is PART of the requirement for the HSBC loan, the ESIA is also another part which is due end of this month. It will happen, you just need to decide whether you have the patience to benefit from it when it does...

Merger confirmation and positive ESIA study followed by confirmation of the HSBC Loan should be the first catalyst - these effectively remove all physical barriers to production. After this, the JORC followed by Edison rerating will help. Finally the one definitive event will be someone walking out of the plant brandishing a copper rod that has just run off the line...

This is only one of potentially half a dozen we may get this month. The percieved risk factors still remainineg for FML are the merger and the funding, once confirmed then the big investors will come in with some serious money IMO.

The RNS was good but it also contained more failed targets and a reduction in gold targets for this year. I get the impression the movement today is only PI's and the real movement will come when the merger is complete and there is more info on the JORC and Loan to take them through to production, key announcments will be: 1. Merger 2. ESIA 3. JORC update (with financials) 4. HSBC Loan All of this should be due in Feb. Once there are no barriers to production then the II's will come in and if we get an offtake that will accelerate the production in 2012 to a 25ktpy capacity (from 7ktpy in 2011/2012) then it will reallly motor. Personally given the dissapointing news on the gold production contained in this RNS I am quite happy we are flat - explorers usually get punished for failure no matter how well it is dressed up.

Couple of things of note for me: 1. Nothing on Maminskoye - while technically not yet owned by FML it is still operated by them now, I wonder if a separate announcement may come. 2. Beschoku is a high yield pipe structure that may provide good gold revenue over a short period of time and also has no mention. 3. The Benkala targets have been restated to the original Libertas plan based on no acceleration to the higher capacity in 2012 - 7000tpy is the capacity of the plant being construted this year, if they get a good off take agreement it is possible that they will be able to bring this forward a year to increase capacity in 2012 to 25tpy (they will be unlikely to be able to get to this level in year one though) and ramp up to peak capacity over 2012/2013. 4. They are starting to crystalise a plan of dealing with the entire Naimanjal licence in a cost effective manner. It is good that overheads and exploration for the area can be funded from Koskuduk, but the real winner would be establishing a feed from each of the 4 licences here into a central processing plant which would hugely improve costs and together provide a decent output - remember silver is now trading significantly higher than 2009 and Naimanjal itself has a very high silver grade. I cannot help but feel they are also giving themselves real headroom here to overdeliver. Crushing is expected to start in June (which in itself seems a conservative start) with first production in September? this is a very long time between crushing and production based on last year at Koskuduk - if crushing does start in June, heaping starts soon after and leaching should be able to begin from late July and first pour a couple of weeks later... Copper is a hot market at the moment, it will be interesting to see what the analysts make of this and if we get any further coverage. ATB!

Has just hit $10,000/T on the COMEX - good time to be setting up a copper mine...

C'mon, be fair, they announced the ESIA a couple of weeks ago... Drop me a line, my email address is on iii from last week.

I wouldnt read too much into 100K sells - I normally trade FML in that quantity and there are only 2...

I think they are just getting their ducks in a row before taking aim here. Reading between the lines of the ESIA announcment, this is required before the HSBC loan is confirmed and is expected in Feb. the Merger confirmation must also be due. I expect they will wish to release a sustained news flow over the next few weeks and they want to wait until they are confident that they have all the news coming in before they start the process...

I am passing on what I have been told by Directors... If they truly want to be taken seriously as a world class company with world class assets then their communication needs to match. I know some of the BoD are in London now and I have received an email from one director confiming that news flow will be coming. When you get down to it, we have an enormous amount of news to come and it makes a lot of sense to plan this appropriately to maximise the market impact: 1. Operational Update 2. Merger 3. ESIA 4. HSBC Loan 5. JORC 6. WAI Update 7. Edison Rerating 8. Possible Off-Take Agreement 9. Additional Coverage

Is a repressed memory... cost me a bundle that one...

Guilty - my biggest holding is FML... ;)

Sorry I am a foreigner and this is lost on me... Melba, are you Robjob on iii???

I have been in contact with George Cole, Paul Cornelius (Walbrook) and Sandy Jamieson (libertas) this year regarding updates and all the other news that is due, they have universally stated there will be a strong news flow with an operational update before the end of the month. Patience is needed with FML and thiose with it will be well rewarded... ;)

3 late notified trades have gone on after close: 18/01/11 16:41 7.7 200,000 O 7.5 7.75 Buy 18/01/11 16:31 8.0 300,000 O 7.5 7.75 Buy 18/01/11 15:47 7.9 550,000 O 7.5 7.75 Buy That's 1.05M in delayed notification buying most above the spread...

Well, Erlan has pedigree for fixing a company and selling it - he took a near bankrupt diary company and turned it into the largest in central Asia before selling it. One benifit of having the directors with such large shareholdings is ultimately they want their payday... and every penny fluctuation costs Erlan £4M...

The price on Friday was 8p... I wonder if it was sourced from the stock that FML had to buy from the US investers that were forced out with the redomocile? In any even, not teh news I was waiting for, but still good. All I have been given is soon... however, on this I do believe them. Once the Merger gets the rubber stamp then it is official and the news floodgates can be opened! ATB ;)

So an increase in the week before New Year and during the week immediately after of close to 33% is not a rise to be interested in? We were 6p in the lead up to Christmas and without explaination we went to a high of 8.23p on the back of uncharacteristic volume. Yes we know the company has had it's issues and we all agree about the PR and the lack of updates last year but we are close to significant, fundamental changing events here and this year will be a watershed year - the first pour from Benkala will be a significant milestone for a company that jsut 2 years ago was as close to any can come and not fold.

Real tree shake and starting to come back now 7.0 - 7.25 Tehre was no questioning the rise out of the blue over the last 2 weeks with next to no news and TBH I expected a fairly epic shake with the issue of the merger shares before Christmas. Give them a chance, this si the first week back for almost all of them (including the webmaster...) and they are sorting out the newsflow as we speak. In 6 months time when we are pouring copper and gold I am sure the tone of exasperation will be replaced by a slightly different one... ATB! ;)