RMS might be concerned about releasing EOY financials - which...

RMS might be concerned about releasing EOY financials - which won't be at all flatterring. From what I can disect of the June report -

Net FY profit on the books of $10.5M includes $17.8M in capital raising (diluting future income). A net FY operating loss of $5.0M (or 2.2c/shr); they'll say $7M was invested into the high grade underground, which is reasonable - but when will the return come?

Total gold for FY = 16283 Oz = on books FY ave cost $1523 / oz (CAUTION: including development costs). Using ONLY production costs = ave cost $440 per oz - which we might see late this year, early next year. Be nice to know how much more Wattle development expense is to be incurred? This will again delay return to shareholders.

RMS shares on issue have increased to 219M; the Dorio offer would take shares on issue to 400M - I need to do the sums on the combined entity to see if revenue would increase with or without Dorio.

Trust me, I'm looking for some good in all this, but AVO might have been right ... RMS is a fledgling .... and the DIO takeover was ill conceived.

I think RMS might be preying for a rally to 60 cents to make the offer look attractive - and this needs to happen soon (like right now). Instead, bad production results and rising costs make it (and my holding) look ordinary.