Ann: Full year financial results, page-54

These dogs can hardly complain about being kicked to the curb. RED will not be seeking such partners merely for the sake of a larger market cap, no matter how cheap they appear to be - That would be a definite step backwards.
Rather RED will seek a marriage of equals, or RED will look to acquire orphan ore sources in need of a processing solution.
Hasten slowly, for this is a very unforgiving market.
SLR can't see any bargains out there (why else would they be conducting a share buy back).
RMS troubles seem to make it an unsuitable M&A partner ,so patience and very careful due diligence is called for by RED's BOD.
RED's MD, in his upbeat Diggers&Dealers presentation, was bullish about RED's organic growth potential, long mine life & upscale potential of KOTH.
Demonstrating this by aggressive mine plan development and exploration, along with maximal expansion of KOTH capacity will draw interest of others for M&A with RED, as a cornerstone tier one asset. The BOD and management require time and breathing space, they've earned that.
Correction for previous comment - RED's profitability depends on the difference between the A$POG and A$AISC and this could A$800/oz, at present.
(not an ASIC of A$800 - that would be truly remarkable and see RED rerate big time)
Any major correction of these basic parameters will require a recalibration. RED remains a strong buy IMHO.