Ann: Quarterly Activities Report, page-118

I bought back a few of my RSG shares recently on the hopium that RSG will have a good run in the first half of 2020, even if Syama is not up to scratch, which I am sure it will not be, with continued good results from Mako and Tabakoroni and some improvement from Ravenswood to offset Syama under performance.

This is just a medium term trade, and I do not have confidence in treating RSG as an investment. My big hope is that the USD POG does a runner and takes RSG up above $2.00 again. There is some interest in west African miners that are doing OK and are not in the direct line of fire by rebels, with PRU being a good example.

Obviously if the gold price tanks then RSG with its high debt/highish costs will get a kick in the pants, especially if Syama underground mine is still bleeding cash. I expect that there is enough professionalism still left at RSG to actually fix the roaster in the next few weeks, and hopefully the gold recovery grades will be at around 85% next year given that the ore should be sourced from the higher grade underground mine rather than from a mix of low grade stockpiles and underground ore.

I am not sure why RSG's share price is having such a strong day - the drilling announcement is positive but has no immediate impact on profitability. Perhaps they will shortly announce that the roaster is fixed, or perhaps JW has got some more UK investors interested in RSG.

GLA.

loki (gotta keep gambling to make a buck.)