In my opinion the selloff in RED is overdone. The negatives from...

In my opinion the selloff in RED is overdone.

The negatives from the forward guidance is that Sugar Zone is still not operational and Mt Monger has a high AISC. The high ASIC at Mt Monger is because French Kiss is being mined out in one year. That capex won't occur again next year even though I hope they look for undergrade ounces at French Kiss - it is a tidy high grade pit.

Overall AISC for 24/25 is $2,350, not super tight but not the end of the world to justify all 4 million reserves being valued at just $450 an ounce.

The $105 million in stripping capex is being capitalised and will be deducted from ASIC in forward years. It's worth noting the $56 million at Mt Monger is for two pits. Let's not forget this is because Flora Dora returned exceptional results to the south of the pit that will increase reserves due out in the month. It is therefore necessary to have a bigger pit. These two pits will underline a longer life at Mt Monger of at least 5 years.

Typical poor communication from the company failed to highlight this positive. I see ASIC at Mt Monger coming down in future years along with the hedges.

Despite with MIStrategic says, Mt Monger has another 5 years to go before future discoveries of which there is plenty of potential. Don't forget Cock Eyed Bob is still to restart, Sante Fe Underground and Daisy has a million-ounce resource at 20/t.

ASIC at Deflector has jumped but that includes all capex. Exploration success will matter there but there is also Rothsay which has plenty of potential as well but yet again is almost forgotten about.

Very happy with forward guidance at KOTH which has 10-15 years in front of it to underpin further growth across the region.

Once the hedging is gone RED will be a powerhouse.

GLTA/IMHO