I own a lot of goldies... most of the companies in there are free carry. But through the cycles I have 3 pulling the weight of the whole gold portfolio... NST, EVN and SAR. Since the NST and SAR merger this left me with a spot for the 3rd. RRL was in the shortlist to move up. I went with GOR for the optionality of a lot of more (possible) ounces in the tenement and GOR has the optionality of toll treatment as there are a lot of other plants in the area.
They were neck and neck in numbers:
But pretty much it is the grading that won me over to GOR....
However once McPhils gets producing, hands down RRL will be a more preferred company compared to GOR... in the gold space production is king, everything else, the can can be kicked along the road.
Open letter to RRL Board & Management, page-80
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