I will refrain from speculation in the future as I end up looking like a fool - despite my hours of research, analysis and as much evidence as I can find.
Pretty disappointing actually.
I haven't looked up / confirmed any of the items below for this post, I am just going from what I remember from this morning when I read and did a bit of analysis on the announcement.
Some reasons which contributed to the miss....
There are issues with the grades coming in about 11% lower for Moolart Well and Garden Well. These two represent about 2/3 of Duketon production.
Rosemont had ~22% increase on last quarter however - but it only represents 1/3 of the total Duketon production.
I believe they are still processing lower grade ore, but the last quarterly they stated that they expected to start processing higher grade ore.
If I recall correctly, they also had issues with throughput (ore processed) this quarter, where as (I believe) they implied it would be back to more throughput as maintenance was over.
Tropicana also under performed compared to last quarter.
There was also gold in the circuit they sold this month, but I am not sure if it was reflected in the total numbers for the quarter.
Lastly, they said they had a 4% or 5% impact on shifts / hours worked due to covid.
Again, it is a pretty disappointing quarterly, but there is a glimmer of hope.
Not that I am speculating.
RRL Price at posting:
$2.03 Sentiment: None Disclosure: Held
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