Ann: Gold Forum Americas 2022 Presentation, page-5

Have to agree jman.
Yet RRL has included Mcphils reserves for many years... yet they are simply inaccessible!

On other matters, I think the presentation raises some serious issues with Duketon over the longer term (by that I mean, after 2025).
The company basically says that FY2026 will only be above 500k+ if McPhils enters production, which then clearly implies, if it does not, their production profile will be decreasing, not because of Tropicana (it has a long mine plan), but because of Duketon.



Then you have the statement that the U/G reserves at Duketon are now being replaced, but... NOTHING about the open pit reserves....
How can they fill the 9mtpa plants with 40% U/G feed? That would be almost 4mtpa from their U/G mines!
I also cannot understand their maths.... There is 1.4m ounces of reserves... that equates to 4 years at current production rates.




Also, these reserves are booked from Dec 2021. So in reality, RRL has reserves for CY2023-2025, then... no more open pit ounces. That means at a minimum, they will be closing 1-2 of their Duketon plants. Cutting off perhaps 150-200k p.a. Which... hopefully will be replaced with McPhil.

I look across the sector for value (gold stocks have been brutalized, particularly those in West Australia, and I do view RRL as cheap, but.... will their late pivot to actually exploring for gold, pay off, or will they soon have to start shelving their Duketon plants.