Ann: June 2024 Quarterly Report, page-37

I don't mind the CAPEX and really it is the acquisitions that people need to keep in mind. Highlighted below...

Many make it sound like Capex is dead money. In business you've got to spend money to make more money. In mining which is the most capital intensive sector, it is a must. The caveat being that you have to spend Capex on a quality mine. I see it as investing into the company. The fruits of which will come in due time.

To the benefit of those that have not been here long. What got the EVN Balance sheet health looking the way it is now; have always been the acquisitions and divestment over the last few years. I still remember EVN debt free in 2019!

EVN rotated into assets that can be Tier 1 with enough Capex and sold those that had little to no chance of becoming one... Edna May, Cracow, Mt Carlton. I ask myself was it worth it, yes for the most part but arguably not on RL but that's a story for another day.