Ann: December 2023 Quarterly Report and FY24 Guidance Upgrade, page-62

Fair point Cashedup, though I won't totally ignore the potential for RMS to divest it, as... a U.S entity might be able to justify paying something for it as a pure play on a much higher gold price.

After looking at the terms again, I am... a tad unsure where it all stands..

This was RMS announcement.



Then you have EVN and the full details....


As they have not undertaken Stage 3, then they have likely produced the 200k from the open pit/stockpiles in Stage 2.
Then added a bit from the U/G, but... there might still be $40m in contingent payments if Stage 3 was to be done.
Add on the potential $200m to do the Stage 3 and... I guess it's a hard sell for anyone.

Let alone all the liabilities that come with actually closing and rehab.

In the end, I can only assume that RMS scoured the hell out of all possible options to extend the life of Edna May with more satellite mines (since for better or worse, they chose not to do Stage 3 cuttback early on). So with no options available the options are slim, other than make every $$ now, particularly when, upon review of the hedge, RMS hedging % of total production and.. it's reduction matches the life of Edna May (well... according me (which... is based on lots of assumptions and a meagre amount of brain power!)).

i.e. The hedge reduces quickly by years end, with Mar25/Jun25 being around when Edna gets turned off.
Basically the hedging % of total production, assuming RMS is just producing from Mt Magnet from Mar/Jun 2025, is around 40%, which is similar to the current hedging %.



Anyway, surely RMS must make a move soon... on whatever they are after. As I have posted, I think they only have a 6-9 month window of optimal cash generation, but.... we will see