Open letter to RRL Board & Management, page-70

We are not in production yet in NSW (McPhillamys), Duketon (WA) is humming like a well oiled machine according to the annual report in Dec and there are no fires there.

RRL's underperformance is due to its growth perception. RRL has an MO of growing organically while our peers (NST, EVN and SAR) have the perception of effectively applying M&A... For that MO, RRL will always have a niche in my portfolio. She is safe albeit a little too safe for some investors. I cannot fault Duketon operationally nor do I disagree that growing organically is a good approach. So far over the years the BOD have deployed earnings where it counts for early investors like me and that is on dividends. Building McPhillamys will take time but is a much safer approach in my opinion than M&A which a fraught with risk when the gold price is this high. But make no mistake RRL will pick up assets when the price is right and she will catch the Goldphoria when it matters.