PFS Metrics

As the next big announcement is the PFS, it is worth considering what to expect.

The Scoping Study variables included:

-480k T/pa throughput
-569k ounces gold produced
-POG $AUD2,450
- Total revenue $1.394b

During recent presentations RR has indicated a 750k T/pa plant. If we assume that the 50%+ plant expansion Vs the Scoping Study results in as little as a 25% uplift in production in the PFS compared to the Scoping Study we can arrive at something like:

PFS
-711k ounces gold produced
-POG $AUD3,300
- Total revenue $AUD2.346bn

No matter how conservative you are in assessing the prospective numbers, the PFS numbers are going to be materially better than the Scoping Study metrics. An additional $1b in LOM revenue provides a considerable amount of cash flow to fund additional capex and operating costs.