In May 2020, RMS paid A$260/MRE oz for SPX, equivalent to c. 20c for 800kOz at Penny West when the US$ gold price was US$1,400-1600/oz and implication s of Covid were first being felt, ie 1/2 the POG of what it is now. The 100% that the gold price has appreciated since then 100% gross margin, so that's 100% on top of your 10% rating, which then needs to be discounted for non-price risk (mining, processing, recovery). That is not a 90% derating, its closer to 25-35% I'd suggest.
RMS Price at posting:
$2.18 Sentiment: Buy Disclosure: Held
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