RRL's announcement always appear positive but that's because management spins it that way e.g.
- Underground ore reserve is growing but not at the rate the open pit reserve is depleting, and not to mention, open pit usually comes with lower capex and AISC. Duketon's declining open pit reserve is alarming
- Management trumpeted the underground reserves saying new underground mines is part of the strategy to deliver "Annual targeted production at Duketon of 200-250 kOz" as if it's a huge achievement, but in reality, Duketon is currently producing ~300 kOz. It is nothing but a huge downgrade
RRL's announcement always appear positive but that's because...
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