Flipping hard audience you lot.
I haven't looked at it closely but CaptinBarnacles looks like he's got it about right.
MZ said he will deliver us a 200oz/annum miner with $100 million in the bank by the end of June. Even if he misses the mark by $5million we are going to be worth more than our current valuation by then.
Nothing like owning a profitable undervalued miner sitting in a beaten down index in a beaten down sector. This is a class A contrarians triple threat stock.
Looks like they are sniffing the UG option at Edna May. Jake left us with tens of millions of un-monetized CapEx in this hole and 202koz of reserves. With some UG drilling we could extend that and then RMS would be running three UG mines (which I like).
Brokers have estimated that RMS will reap between $50 and $65 million from the EM open pit as it stands today. Edna May was too small and didn't have enough mine life for EVN. Dinosaurs became extinct during the great extinction because they became too large and were at the top of the food chain, whereas thankfully for humans mammals survived because they were small and scavenged the undergrowth. Sometimes there are advantages in being smaller. Jake left behind plenty for us to scavenge.
RMS spent $11.9 million on development at Milky Way and Stellar/Stellar West last quarter and $5.1 million this quarter. The development spend is diminishing and Water Tank Hill is in the stope ore now. We can look over the horizon to Shannon where they are doing step out drilling. Shannon has open pit and UG potential.
Results from Nevada RC coming. Imagine if we hit some sort of Carlin style jackpot over there. Company keeps bubbling away with some modest speculative exploration spend which I like. Huge value can be made from these styles of deposits, so the small spend justifies the possible prize IMO.
Let's see by the end of June if RMS isn't trading with a $250 -$300 million market cap. Esh
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