Ann: December 2023 Quarterly Report and FY24 Guidance Upgrade, page-12

Hmm... a mixed quarterly.
Headline numbers are great, especially when you take into account that the Mar/June Q are going to see even higher amount of ounces (peak Penny and Edna May production is how I read it).

Obviously the increase in costs is... disappointing. I note they don't disclose what the AISC guidance had been for H1 FY24...... cmon Zep, anything you don't include just makes you look bad, after a decade of almost always not hiding anything.



Great cash flow increase, considering they paid the $17m dividend (cheers RMS).
Probably to be beaten in the Mar/Jun Qs too, which does give RMS a nice 6-9 month window for undertaking corporate action (I will expand on this 'window').

Nice drill hits at Eridanus too.

As for my 'window'.
Edna May is fast running out of ore.
They have 450kt at Marda.
They have 635k at Tampia
They have approx 500k.
Total 1.5mt.
Couple that with the 60-70kt per Q from the U/G at Edna, and you have just over 3 quarters of production. Meaning they will shut the plant in the June Q next year. The large open pit cuttback at Edna is clearly dead (but... I assume RMS don't want to shout it from the rooftops, as they want as much leverage with their script for any upcoming deal as possible).

I think RMS will get a further boost when they start providing more colour on how the MGV ore will come into the mine plan, as we all know it's going to be very low cost ore. My guess... again it will start coming out in the months ahead to further bolster the share price.

Either way, well done to all the staff, as it's clearly still a challenging sector to work in, just look at GORs poor performance. Goldfields running their mine, is no slouch.