Perhaps a little of both Hamil.RMS share price, without doubt...

Perhaps a little of both Hamil.
RMS share price, without doubt has been muted compared to many other producers, though.... when I look across the sector, in some ways, a lot of the producers peaked a month or so ago.... In RMS case, for me, they have run a tough campaign over perhaps 3 years, sweating all the assets across W.A, hunting for a better asset/s than Edna May (which I do think was about as savvy a purchase as any, except for perhaps CMM purchase of Mt Gibson, the price they paid was ridiculously low). We know RMS attempted to buy Karora, we know RMS attempted to engage WGX, others have hypothesized that RMS have attempted to buy NST Carosue Dam, to use with Rebecca/Roe, but nothing has eventuated. RMS kept away from Spartan until very recently, which perhaps makes sense, because, every other option (including Edna May Stage 3, has been put to bed) has been closed to them, whilst RMS knows they are the most logical buyer of Spartan (heaps of synergies, plus.... it is possibly the best non-tier one asset in W.A (well... it still has the potential to become a tier 1)), and as I mentioned earlier, until now they were the dominant player around Mt Magnet, but as of yesterday, WGX now has a larger market cap and a production profile possibly 40% larger.

The market has know for a long.. time that RMS have wanted a '3rd Hub', which... as of early next year will become a '2nd hub'. This cliff of production decline and potentially.... index crunch, as RMS market cap will likely decrease after the Penny hit. I really do think RMS 'window', which I have repeated ad nauseam, is coming to a close. The huge FCF is the only saving grace right now, hence.... the share price has stalled. Plus, RMS has been been very crafty with the non-sustaining capex spending, being able to put out the 10 year mine plan with limited capex (even though it's clear as day they are going to go ahead with an expanded Eridanus, and potentially a plant upgrade, which is going to cost big $$$).

The market knows RMS is, I don't think desperate is the right word, they are not, but.... very motivated to acquire an asset that is far better than Edna May and... with other options now closed to them... SPR is not just logical it's going to be a long life, low cost mine, exactly what the market pays a premium for.

RMS still have options... they could sell their SPR shares.... close Edna, take forever to develop Rebecca/Roe and just pay dividends..... but.... will they.
If they did.... I struggle to think the market would reward them even if there is a lot of prudence in that choice.

Global finance is quite jittery right now, RMS continues to produce lots of FCF, which shows how well run it is. But the market wants to know what they are really going to do....