Fundamentals haven't changed, page-561

No doubt about reputation but guidance is guidance and reputation doesn't change the number of bars of gold poured within your guidance range.

My comparison was purely on two metrics, EV and FY2018 production guidance, I wasn't making any statements in respect of the quantity or quality of the companies mines or resources. I could have chosen EVN to make the same comparison.

The management of RMS are the least jawboning management I've come across so I think that comment is unfair, if anything the NST management are more "forward looking" in how they present their case.

In respect of EM, if it's a money pit, it's currently a money pit operating with a strip ratio of less than 1. The company is predicting a strip ratio of 0.3:1 for the June quarter so its basically 3 parts ore one part waste coming out of the bottom of the money pit from here on in. If the phase 2 UG drilling looks anything like the deeper phase 1 drilling then in my opinion you are looking at a potential SAR Thunderbox scale pit being developed at EM with a similar mine life plus potential for more UG later. The stock work gold grade at EM has just been shown to be more than double the mining head grade at depth. Need to see if the grade holds between the stage 2 pit design and the current UG drilling. It would be nice if EVN ended up with pie on their faces. Esh