Ann: Quarterly Activities Report, page-15

That is a lot more capital expenditure than I was expecting, although in hindsight it was telegraphed back in May.

The only saving grace (somewhat) is that due to high gold prices, they can self fund the growth capital and arent pulling a BGL and doing another cap raise some 15-20% lower.

McP is a different discussion to be had in a years time.

Management don't provide guidance beyond FY25, but I am hoping/presuming that level of capital for Duketon isn't the new normal. On the call Jim made reference to Rosemont stage 3 coming online in the first quarter of FY26. So I see the next 12 months as one of 'treading water'.

Assuming/hoping they can continue to grow the reserves at the existing duketon operations and that these new UG are additive.

FY26 should see production of 450 - 500koz (350FY 25, plus below Rosemont and garden well) with growth capital significantly less going forward. Sustaining capital should already be reflected in the AISC.

What this does change is at these gold prices and capital outlook for this FY, is that RRL is really just treading water and wont be building a large amount of cash. Less than ideal, with one silver lining I can see is that as a result of being essentially 'dogshit' they are incredibly levered to the gold price (both ways) in the same sense that 'Sharknado' was a great movie because it was so terrible.