Ann: Quarterly Activities Report, page-48

Impressive result with those margins of $10k/t at Renison. I wouldn’t call them safe from a CR just yet, it does appear a lower probability than it once was though.

They only have $18m of cash, nifty is still leaking around $20m a quarter and they got a few kickers this quarter that won’t be repeatable ie sale of investments and stock sell downs at both renison (sales 2.25kt vs prod 2.06kt) and nifty (sales 4.43kt vs prod 3.99kt). And whilst they’ve dispatched stock in early April (3.89kt) there is costs associated with this stock and also costs needed to be incurred to rebuild this stock/working capital.

Will continue to watch from the sidelines. On a side note - I see renison is now the first asset spoken of which is a complete flip from the past couple of years, get the good news out first and hope they stop reading approach haha. They’ve also changed the methodology of calculating AISC which I thought was cheeky given UG development is part and parcel of UG mining.. just buttering up the numbers.