Just finished reading the GS, as usual they don't like the hedge book in combination with their bullish view on POG. They are also a bit skeptical about the McPhellamy's approval timeline. See attached for reference.
Also, worth noting that most other brokers do not agree with GS, in particular Bell Potter who has been quite bullish on RRL for 2021 and beyond.
Nevertheless. it seems that the SP has recovered for now. I believe that bar any other exploration/production changes or any dramatic POG slump (pretty unlikely in the current environment) buying in at the 3.60s range looks like a pretty safe entry point, supported by the best dividend in the sector and a great balance sheet.
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