Ann: Investor Presentation, page-2

I think in the board room, what would really be being said regarding Edna May's Stage 3 is...
'costs are freaking high, capex could blow out....so the longer we can delay and hopefully see costs pressures reduce, the better"
But, they can get away with saying the below for a while longer, but... as they expect to finally announce the updated study in July, its getting close to decision time no matter way.... the pit needs to start getting stipped otherwise, their production forecasts are going to fall apart.





It would sort of make sense for RMS to be looking to purchase another asset, parly because their cash flow generation will increase over the next vew years due to Penny's low costs, which, could be ploughed into another asset (though... Rebbecca will likely require $200m+ minimum to build a new plant and get it into production (really you can add another $50m in the years to come to cover all the studies, infill drilling, etc).

RMS is surely cheap now, with an E/V under $1b. Though I guess it can go cheaper!

RMS has never been clearer about wanting another asset... I guess they are putting in the ground work for shareholders to accept an upcoming deal? Yet the plan is to just increase production to 300k p.a...? They are almost there already with the current assets.




I wonder if they will move before Edna May Stage 3 study is announced, or after?