Ann: Red 5 investor webinar, page-34

A picture is worth a thousand words .... once the KOTH project additional debt finance is secured, this will be followed by regular updates about KOTH construction milestone. Also regular Darlot updates, declaring better performance (and hence profit), exploration success and possible acquisitions, will gradually see the current risk premium dissipate, and the rerate will see a much stronger SP .... as long as the gold prices doesn't tank.
If RED is not worth more EV/Resource oz than the likes of MML and WGX, I'm a monkeys uncle.