Ann: Resources Rising Stars Conference Presentation Apr 2025, page-8

Hey Wassa, no doubt about it, it would have been great to catch up with you and team, as... realistically, it's probably is the last time they will all be together at a conference Perhaps I am just getting a tad nostalgic. The gin I can live without, the Medallion.. hmm... I could almost justify driving to W.A for that! (though I doubt my wife would be overly impressed with my choice).

I wonder how many posters have noticed... that on the SPR threads, the amount of posts against the merger have... dried up.

Just had a chance to watch the presentation (cheers @264091)

Simon presented well and was very diplomatic about the merger and how other explorers have every chance to replicated SPR.

Interesting to hear Simon clarify about the reserve focusing solely on NN/Pepper (at least for me I had almost forgotten such a detail....) as I admit, I have been focusing a fair bit of my attention on other stocks, not because I am selling any SPR (not a single one), but.... just streamlining my portfolio, planning for tax... (a good problem) and... trying to find the next SPR/GCY... which in some ways is bloody hard... to have a similar level of conviction before taking a position etc. No doubt soon enough, I will start deep diving into RMS like I used to, because.... in the end, whilst SPR brings the high grade, RMS brings balance sheet strength and a sort of folio for growth (long and short term). So good to know that RMS 2.0 will have a runway of growth at Dalgaranga, not just focused on NN/Pepper, but... also West Winds, Four Pillars, Sly Fox and all the ongoing exploration at the current targets, but also... ones still to be delineated. The mining study NPV will be bloody interesting to see....

Also interesting to hear Simon touch on plan surrounding the Dalgaranga Plant... it will be 'integrated', but exactly how... we will see.
I still struggle to imagine anything other than turning it on ASAP and start processing the 4-8mt of stockpiles sitting at Mt Magnet, plus the NN open pit at almost 2g/t! I just look at GMD and what they have pulled together with the DCN assets.... and... yeah, there is money to be made...

Pleasing to hear they are still very positive on Patient Wolf, NN North etc...

Also I was not aware that they are currently drilling updip of Never Never and Pepper (big blue arrows are being drilled now), though it had obviously been planned. Then we have Freak... would be awesome to have a bit more success on it and... West Winds.



In the end, I like that the merged company will likely sit on around $700m in cash (even after the cash component is paid to SPR holders), with an E/V around $4.3 billion... which is similar to CMM!! Who is producing 120k p.a. Sure... CMM are the best, but... considering RMS don't have 1 single open pit to mine, in some ways, I give them just as much credibility to meet guidance and do what they say. When I look across the sector, I like that RMS will be... mining and producing from NN this CY. RMS Hedge book quickly runs out by years end and becomes, negligible IMHO.
Whilst I have been... fairly scathing of RMS in past years for not actually doing any real exploration drilling, this has already started to change, and will accelerate massively as Simon takes the reigns after July. It is a shame though, as exploration takes time to ramp up and rarely do discoveries come into mine plan's quickly, though... I suppose at Cue and at Penny, there is that potential due to being mined right now.

I note most don't seem to have discussed what happens after the merger, in regards to what else RMS might have it's eye on.
Logically, bolt on acquisitions for Rebecca/Roe and... just maybe more around the Murchison (i.e.... VAU seems almost totally uninterested in doing anything with Deflector, but there are other possibilities of course).

Ironically, I am more looking forward to reading the RMS quarterly in the next 2 weeks.
Though I will of course still spend too much time re-reading SPRs