Ann: Life of Mine and Tampia updates with conference call info, page-186

As it has been pointed previously, the reason for the NPV reduction is reserves reduction. As also been pointed before, RMS is using a different method to calculate the reserves. This is neither sinister nor new, because EVN estimates of EM's reserves was also quite a bit higher than RMS' own estimates.

The failures of recent juniors such as GCY and DCN show that profit overestimation is quite rampant in the industry. Not only explorers, even established miners are affected. I recall DRM's Deflector AISC was estimated at almost half its eventual AISC (IIRC <700 vs >1300 at the end).

I think RMS is more transparent than other companies. Their numbers are highly conservative, which is one of the main reason of them being able to meet guidances over the last years. Unfortunately, it doesn't leave a lot to the imagination. In this life of mine update, the 5-years capex will cost almost half their profit at 1900 GP after deducting AISC. Without some cost cutting measures, the company will grow rather slowly over the next 5 years, assuming gold price stays above 1700!