Ann: Investor Presentation - East Coast Roadshow, page-19

To get to 100k ounces of annual production, an initial reserve of 500k or so would be needed. The next MRE is likely to be around 4m ounces so converting a little more than 10% or so of the resource to reserves is not going to be an unrealistic challenge.

The gold producers are often also sitting on large cash reserves, driven by a high gold price, and on the lookout for new opportunities. Eg. SLR reported cash reserves of approximately $300m in their last Quarterly. Those players with cash doing nothing are going to be seriously looking at opportunities in the junior explorers/developers so unless the RXL share price moves up fast, takeover risk is a real threat. The 2 big shareholders, fortunately, provide a blocking interest but that does not mean they will not accept a decent offer.

Hawkes Point also regularly reviews RXL so that also gives us retail shareholders some comfort that there is an entity looking at company performance from outside the walls of RXL.