Quarterly expectations, page-70

Page 8 of today's quarterly activities report, includes promissory note and listed investments. It's always difficult to come up with an exact figure. But I'm happy they were probably net cashflow positive from operations, despite low price received per oz of gold (due to hedging that tapers off, at a higher hedged price). RSG is not a company I would sink a large amount of money in, it is equivalent to most of my other gold stock positions. So RSG moved from the avoid category to investable with potential to out pace my other gold stock positions if the turnaround continues. There is always a degree of opacity, analysing turnaround stories, but I'm happy to take a position

I believe we are in a gold bull market and RSG has a lot of gold in the ground. Management just needs to get out of their own way, and show that it can be extracted profitably. If RSG can start building cash and paying down debt, I believe RSGs gold in the ground will get a re-rate.