Ann: Change in substantial holding, page-35

Hi @AverageJoe

IMO RSG will be more sensitive to USD gold and the USDAUD exchange rate as debt is now denominated in USD. Costs in Africa will probably be pegged to the Euro outside of contracts that are denominated in USD so the EuroAUD exchange rate probably effects some of the local inputs.

I suppose as others have mentioned the AUD gold price has the potential to impact the value of the Ravenswood development project and hence its value to the company inside a production growth strategy or as part of a spin off or sale. Given the market cap of the company is not far from asset backing and Ravenswood doesn't appear to contribute much to the company's valuation I suppose it could be argued that the AUD gold price might have the largest short term impact on the valuation of the company whilst its future remains to be resolved.Esh