Ann: September 2021 Quarterly Report & Bartus East drill results, page-30

Hey Bodo,
appreciate the reply.
I have to pull you up on a few points. Recoveries until recently were sitting above 90%.
Grades are low, but... GCYs plant is humming, as in... it is the lowest cost processor in W.A ($13 a tonne). Some plants are running at $40 a tonne!!
That is almost a $810 difference per ounce alone! Grade is only part of the equation.

Stage 3 was not preferred, because they can make much greater margins on FFRs Melville ore. It's a very logical decision, and why so far... RMS has not undertake Stage 3 at Edna May... so... both companies are literally making the same sort of decisions.

Please, can you provide further color on what you mean by "A lot of capital will be sunk to get it running well"

As above, I mentioned, the plant is literally best on show. RMS is a pioneer of hub and spoke, so.. trucking some of their U/G ore from Mt Magnet would be an incredibly easy alteration in their mine plan/s.

Like AOP, GCY is already net cash, so any liabilities are going to be minor. Efficiencies of scale would I believe, be tremendous with both plants being operated by the same company. Employees/contractors could be moved very quickly to ensure mining occurs with little down time etc.

In any case, I don't want to take up the RMS threads with GCY too much.
Cheers.