super results from announcement , page-133

Guys - have been watching this one with interest and appreciate the great commentary by Onceover and Happycats.

My two bobs worth:

Positives
Their GM exploration Peter Langworthy appears to have a good track record in exploration. Have a look at his bio on SMD's website. If there is another SFR discovery to be made on RNI's ground, then the company is in capable hands.

Negatives
RNI is caught between a rock and a hard place wrt funding. They want to be a gold producer but the project is still in the permitting stage for a planned 2019 start-up. RNI also has a fully drawn secured debt facility on the project for $19.5m due early next year.

So IMO there are still some short term funding challenges net of the SPP proceeds, with cash flow from the mine still years away and lots more exploration expenditure required.


PS: Simmer - Homestake was a gold producer that owned the Peak Hill and Plutonic mines at that time. The fact that they were not specifically exploring for or mining copper on RNI's ground is actually a positive.