Short/medium term outlook, page-11

""Why does RMS have a fundamentally higher upside""
It's EV to Production metric - illuminated on slide 27 of the Diggers &Dealers presentation - reveals it to be so .
For example , Northern Star has an enterprise value today for its 3 mines of $2.9bn with production in 2018 of 600,000 ounzes. Ramelius has an enterprise value for its 2 mines of $120m wit production in 2018 of 130,000 ounzes. Yes, Northern Star is generating higher profits from higher grade ( underground) mines but it is effectively priced by the global cohort of investors for perfection of its forecasts. Ramelius is priced for failure . So, any positive change to the outlook ( as revealed in today's Shannon update) should be reflected in a higher price.