Ann: Investor presentation-RED.AX, page-21

As a business owner I live by the rule that "cash is king". When investing I follow the same rule. This why I have confidence that Red 5 is on the right track. The Cash Flow Statement is the only place that management can't hide any dodgy dealings. Its the only statement that is fully audited. All cash receipts an bank statements are fully audited prior to release. Everything spent by a company appears on this statement, from trucks to toilet paper, its all here. That's why its the one place that truly describes the financial health of a company.
From the Q3 CFS for Red 5 total cash spent FYTD at end of Q3 was $66,679,000. Receipts from sales was $60,248,000. However there was $7,900, 000 of refined gold sold and credited to the metal ac that does not appear on the CFS taking the total cash in to $68,328,000. So over all the cash position has improved by $1,649,00 which can be added to the $10 mil cash at the beginning of the FY. Add to this any gold and silver left in inventory (not sure how much) and the 8,000 oz gold mined and sitting on the ROM pad. Not bad cash flow management in my opinion.
Red 5 has no debt or hedging (very advantageous in a rising POG environment) which can also be attributed to management.
IN my opinion the MW and the board are doing the job for which we are paying them. I am with happy with any bonuses issued under these circumstances, they are well deserved.

The above is my opinion and calcs and are not to be used for investment purposes.