Ann: December 2023 Quarterly Activities Report, page-17

A solid quarterly, but... not really indicative of what KOTH in particular should be doing.
Darlot continues to shine, they are clearly happy with how the operation is now right sized... with the focus now all about profitability. Almost makes me wonder why they did not mine Darlot and simply process gold every 3-6 months of they year. Would have been far more profitable.

Anyway, the one off cost for the low grade ore, skews the AISC far higher (which is why the AIC is so similar).

The hedge continues to be a real pain in the ass, as the free cashflow would have been $20m higher

Great to see the debt continuing to reduce and RED slowly building cash.
Good to see they reaffirmed guidance, and... growth capex. So hopefully no nasty surprises.

The plant is humming (so fast... that they need to speed up the TSF lift).
If.... if they can fill the mill, at 5.5mtpa at a grade of 1.4g/t, with recoveries at 92%, then... 220,000k p.a. will hopefully become REDs baseline production profile while they can keep Darlot going.

The debt repayment profile looks comfortable for RED. Though the Dec $30m payment will require RED to solidly hit all it's numbers.



Now we just wait for either corporate activity, or RED just keeps paying off debt.