My gloom for Siana has been overstated. Although the...

My gloom for Siana has been overstated. Although the maximisation of the Siana to 100-120,000 oz p.a. is dependent on open pit resources, the proven rich underground resource could be put through at 60,000 oz p.a. at US$800/oz AISC yielding a massive free cash flow .... do the math at US$1800-2000/oz .... nice little earner.
Before that can happen, the Phillipines needs to reopen its borders (post COVID) so that management can get on site and commence the restart ( and there will be more management time available once KOTH is up and running ). Also, RED wont be so cash constrained, and the arrangement of finance for the completion of the UG access etc and the restart of the plant(some $140m) will be much easier for a company with a billion dollar market cap.
So, although the market is assigning zero value, a US$60m p.a free cash flow implies value of hundreds of millions of dollars .... well worth a mere $6m p.a. C&M cost.