Ann: Quarterly Activities Report, page-17

They've made the strategy fairly clear imo. Being a pureplay single-asset tin play is cool and all... but you're solely dependent on revenues from extracting tin ore from 1km under the earth where there is all sorts of seismic activity etc happening. Single-Asset producers trade at a discount because of this risk.. look at all the UG single-Asset shitcos that found trouble in the past 12mths - PAN, G1A.... even 29M (dual asset) got caught with a flooding event in their UG copper mine in QLD.

So you either need to hold a fat cash stack to account for the fact your money-maker might one day go down for an extended period of time due to unknown issues... or you need to diversify revenue streams to reduce this risk. I see no fault in this logic.

Luckily I think Ringrose derisks Renison a lot as it sits out from the main orebody at far shallower depths.. so if there's an issue UG there or with the shaft you still have a feed source.

Anyway - if you don't like it move on I guess... as much as id love them to plough all the cash into capital returns I'm just a punter.. im not running a business... and I can sympathise with the logic. I also think its prudent to wait for the right opportunity as they appear to be doing.