Ann: Quarterly Activities Report, page-67

Hi Isladar

Yes I absolutely agree that RRL will continue to build cash and that its balance sheet will be a lot stronger in six months.

However, the reality is RRL's management need to do much more than just build cash. They need to come up with a sustainable and achievable plan to build production and lower costs (with or without McPs) and they need to articulate it to shareholders and potential investors.

Otherwise RRL's sluggish share-price will continue to be a pain-point for shareholders as many of its gold mining peers are presenting as much more attractive short to medium term holding opportunities for investors. That is because many are projecting production growth and cost reductions in the coming years or at the very least steady operations - think WAF, NST, RMS, WGX and even SBM (to name name just a few).

Meanwhile as you know RRL's management has announced the opposite - declining annual production and rising AISC and an investment decision on McPs up to two years away. And the investment in Duketon's underground appears to be merely a reserve replacement exercise, not sustainable growth.

Unfortunately as shareholders RRL's management have left us in a classical "information vacuum". We get just enough to keep us confused - so we start making up our own projections, investment plans etc.