I scanned this report and noticed the following points which may...

I scanned this report and noticed the following points which may be of interest:

- Work to complete the DFS on the oxide stage of development has been deferred (ie postponed / stopped). This work will cost $500,000 (p7).

- Provision for impairment of $9.2m has been made relating to Mt Kasi. (pp 5, 6). I guess this means they are writing off this investment and recording it as a loss.

- JG Vitale appears to have an annual salary of $250,000!. (p15)

- Gross profit was $0.3m on sales of $3m (p30). Ie. Current production is only just viable.

- Net loss was $11.6m (due to impairment charge of $9.2 at Mt Kasi). (p30)

- Cash holdings are currently almost nil (p33).

Comments:

I’ve watched RBM for a while and consider it to be an interesting prospect. Investors may be well rewarded if management could develop the Redbank resource (which may be viable since grades look pretty sound). However, at the moment, development has pretty much stopped and the company appears to have no funding to support development. I’m not investing until it appears that things start moving (they at least need some funding).

Market cap is very cheep is it’s worth watching.

Regards.