Ann: March 2023 quarterly presentation, page-2

Hi all,

The average price for the year is 23.5cps so there will be some pressure from tax loss selling. Those shares can be bought right back again with the maneuver transaction designed to push out payments to the ATO. That is one factor holding back the buoyant reaction sought by holders.

There is also a stock overhang opportunity resulting from the approx 247.7M shares issued since the 13th at 13cps. This is a short term profit opportunity for insto's looking to book end of year bonus's. The selling started on the 14th as seen on the daily chart.

Now add the topping technicals seen in the gold chart and you have your answer for the lack of a price recovery in the medium term. The fundamentals for gold have never looked better in the medium term so the rest of the year looks bullish. I discovered a harmonic overlay back in 2013 that has tracked gold really well. One aspect of chaos maths (Mandelbrot) is self similar. Here is the overlay:



And here is a later update (19 in total so far):



Note that the Fx crosses impacted the depth of the correction into the December 2015 low. The path of gold going forward is very bullish in this model. The geopolitical and macroeconomic outlook is also more than positive. True price discovery is looking very probable now. This will see a roaring gold bull emerge over the next few years. The worst performing gold stocks will do the best; yet they also present the highest risk.

RED seems to be tracking over the pivot point here; becoming a compelling investment IF my model above continues to track after this past 10 years of excellent performance. Insto's and large family desks will be looking closely. This is buying season but that will change. These savvy buyers do not shoot themselves in the foot by chasing a stock price higher. That can happen once they have their position. The GDXJ may see massive inflows in the second half of 2023 which could drive a 2016 like rally in the gold stocks. They have to invest in the sector due to these inflows.

Thanks to all for the insight into RED, and for alternate views. The low cost of production, mill expansion, the exploration upside and the current stage of transition make this one really interesting to me now.

GLTAH CW
PS I hope sharing this model will assist you all. The stretch of the time scale in the upper chart was explained in depth for clients. It sits at around 2.4x + variation. Self-similar does not mean "same". The maths of chaos theory can also be used for trading and shorter term prediction.