Ann: Spectacular high-grade gold results delivered from Link, page-16

RR has pretty much articulated that the strategy of RXL since the release of the Scoping Study has changed as follows:

1) Increase the scale of the project so that annual LOM production significantly exceeds 70k ounces per annum. The minimum target is 100k ounces per annum although this could go much higher.

2) While going bigger and generating vast incremental cashflow when surpassing the 70k pa Scoping Study level, the additional capex is anticipated to be lower than an additional $50m.

Discovering additional ounces is totally consistent with the strategic goal of “going bigger” and is not a red flag or a danger signal.

Reworking the Scoping Study with a $AUD 3,000 POG would achieve an NPV of circa $500m. Getting production above 100k ounces could take that number to $750m. Likewise, 120k ounces pa could make this close to a $1b NPV project.

As the project is de-risked (particularly with the release of the PFS) I expect the market to take real notice of RXL.