Ann: Solid start at King of the Hills with ramp-up on track, page-30

Surely not the worst - I've had stocks go almost to zero - take for instance GPR - despite a very successful capital raising in 2019 (@42c/sh)(backed by lofty analyst valuation). This CR was supposed to enable GPR to build a plant and finally get this (supposedly proven) ore body into production, but alas, this dog was cruelly mismanaged during COVID, and nothing was built except some new houses for Woodlark Island villagers.
This company is essentially a zombie with no hope of a SP resuscitation to give long term SH's any joy.
RED is a good company in a beaten down sector - you got the microanalysis correct but not the macro - all current gold company SH's are in the same boat - we need to wait for the macroeconomic environment for gold to improve.
Things could be worse - if you bought into a company with a promising gold deposit that needs a big CR, you could be waiting a long time for that situation to improve. RED has a fully financed, on budget, on time, state of the art new KOTH plant, with multi-decade assured ore sources, and has plenty of operational headroom to allow it to navigate the current challenging gold miner environment.
HOLD unless you need the cash - give this story time to evolve. If RED is not a good buy, no gold company is !