I took a closer look at the mine plan and compared it to the version from 12 months ago. It’s actually quite a bit worse than I initially thought when skimming it this morning. Compared to the previous plan, RMS has reduced production for FY26/27 by 20koz and 30koz, increased AISC by $380/oz and $190/oz, and raised growth capex by $439 million (including mill expansion). That’s before factoring in the $313 million needed to develop Rebecca/Roe, which will likely escalate further by the time a DFS is completed. Given the updated mine plan, I find the company’s dividend policy puzzling. Nevertheless, this only strengthens Spartan’s position at the negotiating table imo.
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(20min delay)