Ann: June 2018 Quarter Production Update, page-12

Great result.

$20 million cash for the quarter is a great effort. Its worth remembering that Shannon is a high grade open pit of over 3g/t - that's more than twice the grade of Milky Way.

Also looks like we going to get additional reserves at Shannon, Lone Pine and Eridanus. Interesting Hartleys are guessing 300k ounces for Eridanus. The market isn't pricing in these discoveries at all.

Eridanus, Lone Pine and the underground Shannon pit aren't included the life on mine that was released last year which forecast production to the end of 2021 - so there is plenty of mine life left beyond 2021.

It would seem that there is a reserve at Edna May beyond Stage 2 - its just of question of whether it is underground or open pit.

RMS has circa 140k hedged at $1720 - given the ASIC has been consistently at or below $1200 per ounce every quarter bar one since Sept 2015 there's no reason why RMS can't generate $100 million pre capex in the next twelve months at current gold prices and production of over 200koz.

In my view that means RMS is still very good value.

IMHO/GLTA