Ann: Top 20 shareholders and distribution schedule, page-29

RMS's enterprise value is now 3.41X it's annual AISC margin. That's using $2511 gold spot, and RMS's stated FY2022 guidance midrange of 280k ounces at $1475/oz AISC. I have not subtracted the amount paid for APO from the treasury, nor attempted to estimated how much the new holdings might raise production.

Given how soundly RMS beat cost guidance, particularly given H1 cost was guided to be higher than H2, it seems appropriate to also calculated the number assuming an AISC of $1445 (Q1's achieved cost), and in this case EV is 3.30X annual AISC margin.

I must be too simple-minded. I don't see any way a cash flow that strong is not going to show up in the share price, here, at some point. Keep in mind also that RMS is entering a period where, due to Penny and Tampia coming online, capex is dropping and mined grades are rising. The next several quarters are simply going to have very strong operating cash flows (in fact, they've already started, as Tampia out-performed the model, and made Q1's $1445 AISC possible).

I bought a lot (for me) of Ramelius, today and yesterday. @rhart is right: fundamentals win in the long run. There are flashier companies out there, but I'll take the guys running a solid, growing business.