Ann: Full Year Financial Results conference call details, page-13

Only one analyst had any questions to ask during the conference call. Even Mark Zeptner indicated surprise at that. Maybe the silence was because there is a massive elephant in the Ramelius room that is crowding out all the other issues but all the analysts know not to bother asking about it.

The stand-out metric from the presentation for me was given by MZ: a group EBITDA margin for H2FY24 of 60%, up from 40% in H1FY24. That's not quite software / lithium-in-2023 type returns but is still for a mining company like a lottery win. (I'm actually a bit befuddled in reconciling some of the numbers on slide 6 of the presentation deck but as an initial response I am happy to go with the 60% number).

Back in 2010, the late Bob Kennedy and team gave Ramelius the chance to transform from a lottery win at Wattle Dam into the solid mid-tier mining house that it is today, by acquiring Mt Magnet for $40m. I remember at the time there was a lots of worry that the company had bitten off more than it could chew and that it had overpaid for the asset. Hopefully, here we go again.