Ann: September 2022 Quarterly Rpt, Bartus Group & drill results, page-25

Fantastic result.
Congratulations to the RMS team.

* Cashflow neutral in an extremely challenging environment.
* AISC will be trending down at Mt Magnet with higher Dec Q throughput (mill shutdown affected tonnage this Q).
* AISC will be even further reduced at Mt Magnet as sustaining costs materially fall (sustaining costs increased at Mt Magnet by $275 per oz due to Orion Pit cutback).
*Group AISC will drop dramatically in 2HY23 when Penny ore hits the mill. RMS will likely be one of the lower cost producers in WA.
*Haulage rates optimised.
*Strong drill results at Mt Magnet assets.
*Disappointing drill results at Symes find once again leaves a big question mark over Edna May.
*Strong gold bullion inventory of 27 million, 100 million undrawn funding and liquid assets of 180 million leave RMS in an enviable position to take advantage of any M&A opps.

I'd give this report a B+.