I don't disagree with any of your logic and argument Mgm1a (you...

I don't disagree with any of your logic and argument Mgm1a (you must be an accountant, Lol), and Haymart I guess that is the opportunity that is likely to be presented to us longer supporters of RED once the market is ready to turn. Maybe I'm wrong with my view of 11 cents, it might be lower, I will hold off until general market sentiment is ready to turn around (and gold price) but at some point, maybe soon, we will get a last chance to build our stakes ready for the ride of our lives once Siana comes on stream.

And one thing more to consider, do you realise that Siana capex is not just the responsibility of RED only? In fact:

RED holds 90%, the jv partner holds the other 10% and MUST contribute to that capex spend proportionately - if the JV partner does not contribute then that equity held by RED increases to a point where the JV partner may only get a royalty and RED gets 100%!!! (less the royalty of course).

IF the JV partner does contribute to the capex, THEN RED contribution is only 90% of the capex spent! That means more cash back in RED's kitty!
[As an estimate its around 10% x US$72.5 million = US$7.25 million = A$8.0 million extra cash back to RED (0.8 cps) if the JV partner complies under the JV agreement and meets its share of capex].