Hi Spec The main one is that they meet their production and AISC...

Hi Spec

The main one is that they meet their production and AISC targets for the Syama and Ravenswood mines set out in their DFSs in regards to the mining transitions. Given what they have said about Syama since the DFS was released, I think they will do that rather easily (grade is higher, expected gold recovery rate has gone up - so in combination a much better mine with higher operating margins and gold production is likely).

Another catalyst would be a significant increase in the gold reserve at current ore grade at Bibiani, coupled with strong support by the local community for that project - one concern I have is that the locals will see this mine as a meal ticket and make costly demands on RSG over time - its possible that is one reason why NMG failed.

A third catalyst could be RSG finding more sources of higher grade oxide ore to feed its Syama oxide circuit for a longer period and maintain a higher rate of production. So far they have been processing the higher grade ore so in future what remains is somewhat lower grade and that means less gold production from this circuit (and possibly at higher cost).

Fourthly JW seems to think there may be options to increase the sulphide gold production. I am not sure if that would mean mining Nafolo concurrently with the current Syama underground ore and possibly converting the plant currently used for the oxide circuit into another sulphide ore circuit - I think they would need to build another small roaster or something to treat the ore. If they processed 1.3m tonnes per at 2.8 g/t (assumed grade at nafolo) then at a gold recovery rate of 89% they would produce around 105k ounces per annum - total Syama gold production could be around 320k ounces pa. This is a longer term possibility. There seems to be other sources of higher grade sulphide ore near the mills and the area has a lot more exploration potential.

loki