Ann: Quarterly Activities Report, page-27

Torpedo

Thanks for that assessment.

I have only just recently been able to get to look at this report (woke up very late). Agree that it is below par, but I will need to do a lot of digging to fully understand the issues.

On the surface I would say the share price will stagnate until they can prove that the costings for their Ravenswood and Syama developments are shown to be right. Am expecting lower share prices. Money needs to be conserved, so no buybacks and hopefully no activity in Egyptian tenements (which should be dropped if they have any sense).

I expect the broker analysts will lower their RSG target prices in the next few days. Would be interested to know what MacBank say.

Fortunately they have plenty of money to finalise the two developments. I would not worry about the borrowings. It is probably basically a drawdown on their cash balance to fund the development in Mali, and I think they use that as some sort of tax deduction in Mali.

Now we know why the share price has been lagging. Major recovery in the second half of 2018, perhaps.

loki (90 cents/share coming up on a major gold price dip, I suppose).