Ann: Melbourne Mining Club Presentation - Sept 2015, page-36

I am invested in RMS pisces. If it plays out according to the plan and the AUD POG remains at these levels it should be a pretty good investment from here. We have a little bit of development risk playing out at the moment with transitions between pits at Magnet and the development of a new relatively high Capex underground mine at Vivien. The open pits at Kathleen Valley are very low risk due to their tiny Capex and higher grade.

Once the transition to Percy has been made and ore starts coming out of Vivien and the guidance numbers come to fruition it will be de-risked and I'm pretty sure the share price will reflect this.

I've said it before but one thing I really like about this company is the potential upside leverage that good exploration success could bring. Expansion of the resource around that drill hole below the Milky Way open pit is a good example of this. I don't think the market appreciates the value of this one hole. The high grade in those felsic porphyry units is significant (I think) as those lodes won't be hard to follow. One complaint I do have on the exploration side is that they could do better on the new project generation front. I'd rather they did a little more due diligence and find one or two projects with higher exploration potential than spread themselves across so many more mediocre prospects. You never know one of their current projects might turn up the goods one day, but money talks in the exploration game these days so in theory they should have the pick of the bunch amongst the greener prospects. Maybe they should consider developing their greenfield project generation capabilities within the company.

Eshmun