Ann: Resources and Reserves Statement, page-8

hmmm...
While the increase in reserves is good, considering the depletion of 9 months, the reality is, its been able to increase due to recent acquisitions (Ben Hur), plus U/G development going ahead. Unless this is replicated, then RRLs current plants, are going to continue to see lower grade being fed into them. They also keep adding in lower grade ounces to increase the overall reserves.

Of the 4m ounces in reserve, the simple reality, is that over 50% of that, is in a project that has no plant.
1.99m ounces are at the plants operating, and the average grade continues to decrease. 0.9g/t is still profitable when you have 10mtpa capacity, but right now, they just exactly 5 years of reserves. Costs are going to increase due to RRL not being able to increase grade, unlike companies like RMS who have invested heavily in U/G operations.

I also note this statement.... how much of the near term gold is being assessed at $2200 AUD?



I am a glass half empty sort of investor right now with RRL, yet, RRL does offer significant upside to a higher POG....