Thanks Ice, I understand your sentiment and strategic focus. I'm...

Thanks Ice, I understand your sentiment and strategic focus. I'm just trying to work out mine. 

Let me start by saying i'm not an accountant. However I think we have to be very careful when reading the financial statements of a company who has been on the acquisition trail. The exchange between RMS and EXU is a true battle of the corporations act & tax act.

I am of the understanding that the payment for Marda Gold project has not yet taken place (expected completion Late October - maybe they're as bad as EXU?). So that should be updated in the quarterly but I'm guessing will reduce the bank balance?

Now EM, the choice of words is interesting in this where has technically recovered the funds it cost to purchase but I am of the understanding that it is nothing more than this. The cost of running the project has not been factored in, seems like it has contributed $15.8m to pre-tax net profit, so company tax is 30%? I'm not sure where the costs considered for underground development sit with this project but something else to consider.

 
Secondly, there is a condition placed on the development of the EM phase three mine which could cost up to an extra $50million when production is over 200,000oz. Lot a lump sum but rather a royalty on the ounces produced up to 50m at the rate of $100oz; so that'll affect the AISC. 

http://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/20171003_Ramelius_Completes_Acquisition_of_Edna_May_520.pdf

Like I said, just trying to work out where it all best sits. I really wish RMS came to the EXU holders with appropriate due-diligence and a forward plan so if we were to say yes we know what they'd be doing with our assets. Hell, at this stage I'd take just the forward plan. All I know is the 12.3c they were offering is not 12.3c now...