company insight, page-25

assuming RED produces half as much gold (remaining time operations disrupted due to "unusually wet season") at twice the projected cost for the projected mine life

37,000 * (1600 - 700) * 10 * (1-30%) = c$233M > c$170M (market cap)

a very rudimentary methodology but does reflect the discrepancy between mkt cap and asset value.

I am no technical expert, but they could possibly offer their views on whether risk reward trade off favours investment in RED.

I am invested though

Re $8M loan facility, there are likely to be N number of institutions keen to get exposure to low cost gold operations (particularly one that has commenced production). Look at the recent MA activity for confirmation