Ann: Diggers and Dealers 2021 Presentation, page-7

I'm all ears... on which metric?

RRL red flag number 1: RRL overpaid for Tropicana

- CMM + Mt Gibson: $20/oz at 2.083Moz
- PNR + CNG : $39/oz at 2.2Moz
- SAR + BGH : $57.88/oz at 0.660Moz
- NST + POGO : $86/oz at 4.1Moz
- EVN + Red Lake: $92.14 at 7Moz
- AMI + PEAK : $116/oz at 1.2Moz
- EVN + Kundana: $132.36 at 3.02Moz
- NST + EAR : $140/oz at 1.8Moz
- AIS + Cracow: $250/oz at 0.3Moz
- EVN + Battle North: $271/oz at 1.36Moz
- NST/SAR + Super Pit : $297.29/oz at 7.4Moz
- RRL + 30% Tropicana: $308.22/oz at 2.92Moz
- SBM + Atlantic : $455/oz at 4.3oz

RRL red flag number 2: McPhillamy's execution

RRL have owned McPhillamy's since Nov 2012. That is almost a decade now. During that period I've seen half a handful similar size gold mine built. Mungari, Guyere, Mt Morgans.... etc What is taking soooo long! PNR Norseman and RED Koth will be in production long before McPhils will be.

RRL red flag number 3: Hedge Book


I hold a free carry parcel of RRL for many years now. If your only hope for RRL is a white knight in the form of EVN marching in and rescuing it from its current predicament good luck. RRL BOD have sat on its hands for far too long and fell asleep sucking on the Duketon gravy train. While sleeping they missed the Newmont, Barrick, Glencore etc... fire sale that EVN and NST and SAR jumped on. Now it realises how far behind it is from the pack and acquired 30% Tropicana at an eye watering premium.

If you want to know more lets take this to the RRL boards...