Ann: Investor presentation, page-14

I don't understand the mechanics of the Nomura deal, but if it is a shorting exercise maybe the target of the short is the gold price and not the fundamentals of Red 5. Yes I agree, production is the key. In my opinion the two things that will give at least guidance are the continuance of the present drought in the southern Phillipines (the long range forecast indicates that it could last until at least mid Dec) and Red's ability to mobilise more equipment in early Nov (as indicated in Q1 report).
It will be the fundamentals that will drown out the background noise that is presently driving the SP. And in my opinion the fundamentals are looking good, with nil debt.