Ann: Maiden Interim Dividend and DRP, page-13

Hi Speculator,

I agree with your comments and it is clear that RMS management understand this as well. I suspect that is why in their latest presentation there was so much emphasis on drilling programs - they have clearly ramped this up and are seeking to using the drill bit to reposition their reserves portfolio in the immediate term.

They have had good success with this strategy in the past, but I sense in the latest presentation a new sense of urgency. This is a good thing. They have proven track record as a management group in sniffing out potential within their leases and the recent presentation hinted they may be on-to something with the granodiorite structures at Mt Magnet to lift this even further. Through in the targets at Cue and Penny plus the significant and totally under-explored ground at Rebecca-Roe and they have a lot of opportunities to find some quality / significant additional reserves.

The Rebecca-Roe (for mine) could have significant upside as the structures that have delivered the 3.2Moz resource to date have only been modestly examined by drilling. I think that story has a long way to play out.

So, I see that the KPI focus for management over the next 3 years is:

1. Run a drilling program that delivers additional reserves that at least replaces annual mining depletion (the "safe" drilling element, where the focus is on existing structures and building out additional reserves in those structures);
2. Elements of the drilling program are designed to be more speculative, testing undrilled geological anomalies or prospective undrilled ground to deliver new resource upside and expand the reserves; and
3. Maintain focus on prospective M&A opportunities that are clearly value accretive (right asset / right deal structure / right price).

Through in an ongoing and ingrained culture of cost control into this mix and you have a company that shareholders will find attractive for years to come.

I think this is generally where RMS is presently at, so if they don't deviate, then the share price will show the rewards.