mr gordon mentions the d word., page-5

Well written post… but I always cringe when posters ascribe skills to current management; they have failed you… and other long term shareholders if you are still seriously viewing Ramelius as a ‘highly speculative junior resource’.

Ramelius has been a gold producer for over 6 years with the following stats:

• $420~ million of revenues
• $98~ million of additional shareholder funding
• $96~ million net profit after tax

Unfortunately the majority of shareholders money was being spent on everything else BUT ensuring the continual ramp up and profits from the Wattle Dam Mill, by the prudent accumulation of satellite sites as you suggested. $0.9m was spent buying the Coogee deposit last year, but it was too little too late!

Money, but more importantly management focus, was instead being spent externally on underperforming assets, JV exploration deals in Vegas and other JV etc… with an embarrassing and a failed publicly listed takeover…

This leaves current shareholders with:
• $118 million market cap
• $6.6m of dividends

Dividends paid represented only 6% of total profits returned to shareholders, from over 6 years of production. I think all shareholders should view their investments from the lens of total returns, not capital gains. I say; pay us more dividends, and cut corporate expenses.

If Management had skill, they should have graduated Ramelius from Kindy by now… But I’m not sure who is to blame for us still being in the sandbox:

- Chairman?
- CEO?
- CFO?
- Board of Directors?

It seems the internal talent is depleting, with the Wattle Dam exploration manager departing a while ago to Rubianna Resources (ASX code: RRE, disclosure; am a shareholder), along with our prior CEO… Is Ramelius now staffed with suits (Ian Gordon CEO; commerce grad) and highly paid corporate types. E.g. CFO gets paid close to half a million dollars to produce below industry standard financial reporting, presentations and financial forecasts.

Hardly the appropriate team to spearhead a ‘highly speculative junior resource’… something has got to change.