Ann: Half Yearly Financial Results Presentation, page-48

hello AxeHimmans,

We all know that the hedgebook is negative for the realized price they sold the Oz.for. Nothing new here. This will stay there for some time. For the current quarter the difference in the RRL-Oz price and the average spotprice will be lower because of the drop in gold in AU$. So this was all anticipated and should not have any effect on SP. The drop in interim divvie is on first sight a negative surprise. But after reading of the figures and explanation as to why the divvie is lowered, it is not such a surprise anymore. In anticipation of the investment in the new big development it is normal, I would even say advisable for RRL, to make sure the RRL-savingsaccount is fat enough to push the investment button once permission to go ahead is there. I look forward to the increased production in the second 6 months period (and lower AISC). I expect a final divvie of 6cts, bringing the total for this year at 10 cts, say 3,3%. Still not bad. It would be different for me if the lowered divvie was out of necessity based upon the financial figures. But this is not the case. I have red so many posts on this platform with the message that investing for th future production is the lifeline of a goldminers.So is the case for RRL and I am happy with it.