Ann: Denver Gold Forum Presentation - September 2016-RMS.AX, page-82

If Hunter Hall (or Van Eck or anyone else) buy into an overvalued rising trend, like they did with their recent purchases in DRM and TLM there stock holding becomes a big overhang for the future if things don't pan out as fast as they and other shareholders might like. These guys don't know much better than anyone else. I'm happy without those types on the register. In the end if the return on equity is high enough because of good mines and good management the share price will have no option but to rise. All a spurt of institutional buying or selling does is temporarily move the stock around and when you have those guys on your register your company just becomes another cork in the ocean, rising and falling on the whim of programmed buying and selling by these leaches They add nothing IMO. I'm tired of retail investors moaning about LOM and reserves when it comes to RMS (let's support the story). It's plainly obvious to me that the real thing that counts is the here and now and how much gold a company pulls out of the ground and at what cost and how steady they can keep their production profile (a rising production profile is nice but not a necessity for success). These are the things within the companies control along with exploration programmes and some hedging if they think necessary.

A $15million spend on exploration is really nothing in relation to RMS's cash holding and free cash flow so I wouldn't take it as some sort of admission by the company that its resources are drying up. That's just retail paranoia. Let's keep the company to ourselves. Let the institutions pour other peoples money into desperate and dateless cash strapped companies. There are plenty of those and that's where you go if you are interested in wild rides. Esh