Haven't had time to look through it all but a few initial...

Haven't had time to look through it all but a few initial comments:

- Clearly cash generation still strong and confirms that it is trading on a PE multiple in the realm of 5 at current prices. I think I estimated an extra $7M cash and that is pretty much what they've achieved
- Garden Well downgrade in life tucked away in there but also removed some of the problematic mining areas
- Dividend is higher than I expected. I don't want them to throw too much cash away at investors when there are still good acquisition opportunities out there. Combined buy back (threat) should boost the share price and deter shorters. Any acquisitions are going to need a share component so a higher share price is necessary
- Really like the way the company is aggressively pushing the regional exploration story. This is the story that regis has lacked for 18 months while the market has been concerned about growth.
- AISC target of A$1000 is really good (I think the first time they've used the AISC measure)

It really confirms my thoughts on this company and in particular the way it is being priced relative to the other low-risk $A gold stocks (NST, EVN, SAR). They've been undergoing some PE expansion while RRL has been going backward.

Major turning point for the company in my view.