Ann: Euroz Hartleys Conference presentation, page-22

Hey Tangs,
I am looking at Penny as a glass half full.
Exploration to date at Penny has been dissapointing (no extensions etc). First time RMS has mentioned they are now looking along strike, instead of at the current ore body.... I hope they find another Penny, but for now, it seems it not replicate Vivien etc. Happpy to be proven wrong of course.



Processing plant upgrade... dependant on whether more U/G ore can be sourced, seems strange to me, as they originally stated main reason for plant expansion, was to process more low grade stockpiles... now its about the U/G ore? U/G ore only uses a small amount of the total plant capacity, so.... I just don't quite get how anything has changed.

Enda May is interesting, a it sort of says... they won't go Stage 3 whilst the U/G production continues?

Above all, RMS seems to be really pivoting to more U/G ore production, multiple sources etc. I guess its all about margins?

As others note, RMS is clearly keen to do another deal, bit of a shame the SP is not even stronger, so any offer is better 'value' for current shareholders. Hopefully with staffing issues starting to easy a little, RMS can get a solid quarter under its belt to show it can make current guidance.