Ann: Rebecca Roe Gold Project Prefeasibility Study, page-17

Hey Trend, good post and sums up the asset nicely. As you point out, Penny and Cue are now the sugar hit RMS is going to use to try and acquire (well... they have been trying to acquire/deal for over 2 years now, as back in March 2024, RMS confirmed they were in discussions with Karora (and had been for 12+ months as I understand it)).... something, logically it's Spartan, but.... on balance I don't think RMS are going to be able to quite achieve that, though I still contend MZ will throw everything and the kitchen sink at getting it over the line.

As you can see, Penny and Cue are now in their Peak 12 month period. Next few quarters should be the best... ever. Even with the hedging still anchoring them down. As a friend put it, "RMS are a cash box", with aspirations to be more. The more I learn about Mt Magnet, the less... enamored I am about the assets (not in any way disrespecting the operating team, they have been incredible), as the Checkers plants is.... bloody old... the Galaxy U/G is... ok, but... nothing on Penny, or Spartans discoveries and Eridanus is great, but... will be low grade for at least 3 years before they hit the higher grades (when the announce the expanded open cut.


With today's announcement, RMS are stitching together their 'pitch' to the market that they are in fact equal to or better than Spartan, and therefore a logical fit for a deal to be done.

I have to highlight this though... .look at the U/G grade.



The new projected LOM plan for the combined assets (again.... Reb/Roe won't provide an ounce for at least 3 years)
The gaping hole is FY26 and particularly FY27, which may be altered with Cue U/G being brought in, plus Eridanus and the plant upgrade, but... I think realistically, these will help push FY28 production towards 300k p.a which will be a great achievement let me be clear, but... a huge amount of capex and effort is going to be needed to achieve these goals, which for now, RMS is at pains to not shed much light on.


I have been predicting RMS would have already moved on SPR or other assets, but they keep holding back (well.. they did spend $200m on SPR shares), I assume because they want as much cash in the bank to have every bit of firepower. OR... MZ is playing the best poker game ever and never actually wanted to acquire anything

If SPR keep having drilling success, then on balance, I don't see how RMS can afford SPR (would RMS holders be will to to offer more than 50% of their script for SPR script? I am bias, but interested in others thoughts). If SPR stumble, all bets are off of course.

Out of interest... now that RMS has met the T/O threshold.. will they be bold enough to start undertaking more buying....? I suppose there are lots of pro's and cons to that sort of move (positives and negatives). I assume it is a very rare occurrence?.



Anyway.... spot price is def going to help RMS bottom line this quarter!