RED - Valuation and SWOT Analysis May 2019, page-9

Wouldn’t worry about the cash reserves or guidance. If you were full bottle on how MW operates you would appreciate that Red are masters of cash management. And here’s a bit of good old fashion research for your formula.
SBM declared a resource for Tarmoola of 58 mt @ 1.1 g/t for 2.1 mil oz at a cut off of 0.5 g/t. on 30th Sep 2006. This consisted of a measured resource of 12 mt @ 0.9 g/t for 350k oz and an indicated resource of 46 mt @ 1.2 g/t for 1.8 mil oz. Measured and indicated are almost bankable. They also declared an in pit resource of 35 mt at 1.2 g/t for 1.2 mil oz.
In Dec last year RED declared a resource for KOTH of 28.7 mt @ 2 g/t for 1.88 mil oz at cut off of 1 g/t. I may be wrong but my calcs suggest that SBM’s in pit resource hasn’t been included in RED’s 2018 resource. Nor has the recently declared regional resource. Nor any increase by relogging historic drill samples. Nor any increase resulting from the ongoing drill program.
And this could be only the tip of the iceberg.