gold $3500 aud with 21 days, page-50

I think you miss the point. The strategy that Ramelius laid down in 2020 was that they would acquire a third operating hub to take the company to the next level of producers, well above 300k oz pa. The third hub was to have metrics at least as good as the Mt Magnet and Edna May hubs and be a long life operation. This was how they were going to deliver to shareholders step change growth in the immediate term.

It is quite another strategic requirement for them to start planning for the replacement of Mt Magnet and Edna May hubs as they peter out. For instance the Checkers mill at Mt Magnet is hardly new (which is another reason why Ramelius acquiring the Dalgaranga mill owned by Gascoyne makes sense to me) and it is a possibility they never find any of those covered Hill 50-like deposits. So in the context of project succession planning I can see merit in them having acquired Apollo and the Rebecca project as the basis for a long term replacement hub. But no combination of Mt Magnet, Edna May and Rebecca seem capable to take us to that rarified air, up between Perseus and Evolution, where the institutions tend to apply different ratios to the gold companies that they back (and which after all was the reasoning Mark Zeptner used back in 2020).