Hi Desert, whilst I very much agree that RMS has moved when most others have not, I don't agree about WB at WGX having made any less of a mistake that MZ (who... whist I cannot prove it, I have heard that RMS made a very lowball offer for SPR (GCY) during the last recapitalization), or... even post re-cap, when GCY sat under $100m with $40m in cash).
Also, you seem to gloss over how MZ and the team decided to forgot 600k ounces in Edna May by not progressing Stage 3, which would have meant Enda May would have another 5-6 years of production right now, instead of being put on to C&M early in CY2025 (just listen to the MoM podcast today, they discuss it all, most interesting part was that U/G mining at Edna has stopped, and there is 1mt of ore at 1.6g/t left to process (51k ounces), or a bit less than 6 months of ore). They also discuss how... Rebecca and Roe are basically stranded, because it looks like RMS was banking on buying the plant up the road, but... not luck on that yet.
In any case, today's announcement was an impressive one, and... all things being equal, the next few quarters until Enda May runs out (which basically fills the hedge, meaning Mt Magnet is basically hedge free), will see further strong cash builds. Perhaps $700m by the end of CY24. Amazing really.
I did find the bit about Mt Magnet needing some upgrades interesting, will this all be put together as a rationale for expanding/upgrading the whole plant, albeit only for 2 years of production (due to the mix of Cue & Penny ore).
The MoM team also touch on what RMS will do with all this capital. You mention that MZ is a master of timing, perhaps it would be best to just pay out some huge dividends, undertake some buy backs and not acquire anything in the near term? Though the attempted move on Karora surely shows that M&A is still their preferred 'next move'?
I have talked about a 'window' RMS have before Edna shuts (to make a move), now finally there is clarity about how much time is left.
Good luck to all holders.
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