Ann: McPhillamys DFS Confirms a Robust Project, page-22

HI U69

I'm not surprised RRL got whacked a bit today

This morning Citi put out quite a negative piece on RRL describing McP's as an "expensive option for a modest-grade greenfield project in the fourth quartile of the global cost curve". Based on the later project decision date the Analyst now thinks McP's is unlikely to be be approved.

This type of commentary would undoubtedly spook a few punters.

My thoughts are that globally there aren't many low sovereign risk gold projects of the calibre of McPs.

And anyway regardless of RRL's final decision, at current gold prices RRL will be building a stack of cash over the next two years - which it can invest in production somewhere else if need be.

Just my thoughts