Don't forget 20M of that was a tax refund, not cashflow from...

Don't forget 20M of that was a tax refund, not cashflow from operations.

But also don't forget the rain event hit ops until the later half of April. I had thought the rain recovery was before April but was further into this quarter than I had originally thought.

Im not unhappy with the result, but as others have pointed out RRL has a growth problem, and while duketon area has good mineralisation, the risk and likelihood is that we will have to go UG/open a new mine. Which requires capital.

with all that said, I am still of the belief that RRL is cheap, and with a market cap of 1.4B, the cashflow generation is solid. On the proviso they can replace those ounces which I believe they can RRL has a lot of upside.

McPhilllamies is a call option on a new area and too expensive to touch in the next 18-24 Months at least.