Ann: Denver Gold Forum Presentation - September 2016-RMS.AX, page-65

"Perhaps Vivien ore volume can be increased? (but I doubt it)."

Do you know what the steady state production expectation was for Vivien before they revised the mine plan this year? The presentation says they have developed 4 ore drives which would seem to me pretty good going on a deposit of such moderate size. Looks like they are pushing it for all its got at the moment and we have been told more than once that the ore body is exceeding expectations.

I think this constant need that you hear here on HC for the company to find more resources, mine more reserves is a little out of touch with the reality of running a gold mining company. The priority IMO should be in maximising the value from the projects you've committed to develop. This urgency narrative is false IMO and is driven by retail investors having far too higher expectations for the performance of these companies and their share prices. It really is not an easy task to double or triple a businesses value year after year unless you are just some sort of start-up or unless you are taking unacceptable risks.

As far as purchasing nearby deposits or companies, that doesn't come without risk either as generally unless you make a friendly approach or the company has put the for sale sign up on an asset, you can only assess that asset based on the known public information. Developing one's own assets carries far less risk as all the information about those assets is known (in-house). The people who win longer term in the gold mining game aren't the people who view the business as a big game of monopoly, based on rolls of the dice that they take on a neighbour's property, they are the people who eliminate the risks inherent in their own businesses one by one. One of the risks inherent in RMS's business is the short LOM but I truly think this risk is way overstated and is one of the reasons we have value at this share price IMO. People don't understand the difference between open cut developments and UG developments, they just look at the headline resource and LOM estimates which are pretty meaningless if they are viewed in isolation.

Let's give management a chance to see where they take us. As others have pointed out it's not like we are without options on our own patch. There is no urgency IMO. We have the money to drill and the money to develop whatever we think is going to provide a good return.

Eshmun