Relative performance, page-58

"But, when it comes to mining RVR appear to continually express a "things will be better next quarter" attitude which needs to be addressed. "
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Hi Geo I think " things will be better next quarter" is a product of HC not Mel IMO, Mel is a reasonably straight shooter when it comes to production with Thalanga and usually tells us what range he expects the throughput at the mill will be each quarter and also says grades will vary 10-15% quarter to quarter, sometimes I wonder how much posters take these things on board. Whats seems like drama to us is often just a day to day issue mining.

With regards to Hillgrove Mel has already expressed his disappointment on how things have gone there and that's confirmed by the results. Things simply haven't gone as hoped for anyone with the the waste dump , but it is a waste dump.

You never go far in the mining game if your not optimistic and Mel's an optimist but he is also realistic and a human so probably get a little over enthusiastic at times like the rest of us but basically they are doing what they said they would do and you need to take anything with a grain of salt anyway. Sometimes things go better than expect other times come up short but it won't be through lack of trying.

We're still within the original 5 year plan although Hillgrove has been added since and the reality is we have been through a pandemic , its back again and the mining boom is throwing up other obstacles so a bit of slack needs to be cut, these are far from normal times. It isn't an excuse its a fact and its affecting many miners and people in general to varying degrees.

Probably in hindsight the royalties , at the time the agreement was scrapped, should have been provisioned for each quarter , however when you are in a court case provisioning is a sign of lack of confidence in the outcome. Generally your damned if you do and damned if you don't.

The bottom line is unless we get the case overturned all we are doing is paying whats owed and estimated to be owed...in the meantime the money sits in the Bank earnings bit of interest and we have a fair idea of the likely maximum cost...this could go on for a long time and it is possible it goes in our favour but certainly wouldn't bank on it...

Hillgrove certainly isn't helping sentiment and I'm looking forward to hearing what's happening there, not so much about Bakers creek just the next stage, Backers creek isn't going to make much money but if it makes any its been a free learning exercise...

Its very much an in-between time for RVR at the moment but like everything else it will pass and if we get some positive news sentiment will likely return, our MC is certainly not excessive for what we have but there are plenty of unknowns that need to be known and will be at some stage.

Cheers Whisky