I am not sure if RED meets your mid-cap ranking or not with a MC of $399M. However, if you look at the KOTH DFS and latest announcements, you should be more comfortable:
-AISC of A$1,339/oz for the first 6 years and 176 Koz pa
-funding in place for mine and process plant development
-continuing progress with construction and infrastructure
-scheduled production in QA2 2022
-IRR of 49.8% (post tax) for a POG = $2500/oz, or 39.7% with gold price of $2250/oz
I am as likely to be critical of gold companies as anyone but RED seems to be under-valued because of the Darlot performance, whereas I prefer to look a bit further ahead. Also, Siana is an unrealised asset and given no value by the market IMO.
Even the recent activity identifying deposits around Darlot can make a change to that area (yet to be proven, I agree).
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Ann: Darlot Gold Mine production update, page-72
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Open | High | Low | Value | Volume |
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51 | 2194114 | 0.280 |
27 | 1561759 | 0.275 |
22 | 868399 | 0.270 |
13 | 762269 | 0.265 |
Price($) | Vol. | No. |
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0.295 | 1011753 | 16 |
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