Perhaps its sentiments like this that are supporting RED's SP...

Perhaps its sentiments like this that are supporting RED's SP despite others like SLR retracing to "value levels" .... the POG retracement will severally test RED's30c support today dare I say ...

RED 5 (by Barry Fitzgerald in the Weekly Summary)
"It was mentioned in this space back in April that the gold stock with the go-getter personality trait for a name Red 5 (ASX:RED) was one to watch.The gold price was under pressure at the time and the over-the-top share prices of the leading issues meant that greater value was to be had amongst the second tier producers.Red 5 was trading at 11.5c at the time and was attracting interest on the strength of an emerging bulk mining opportunity at its King of the Hills (KOTH) mining operation near Leonora in WA.That Red 5 is now at 31c tells you that the story has indeed unfolded, with a pre-feasibility study released in early August outlining the potential for an initial 10-year bulk mining open cut operation which could deliver 140,000oz of annual production at an average AISC of $A1,167/oz.The project has been moved into a full feasibility study which should be completed by (calendar) mid-2020.
It needs to be remembered too that there is upside potential to the story from the future inclusion of 1.1Moz of underground resources and what is coming from a regional hunt for new oxide deposits to provide an added sweetener.Mining continues at KOTH form the narrow high-grade veins, and increasingly, bulk stopes, with the ore trucked the 80km to Red 5’s Darlot operation for processing ahead of KOTH once again becoming a standalone operation.It is against that backdrop that it is worth noting that the research desk at Morgans reckons the re-rating of Red 5 is not done just yet. The firm has this week initiated coverage of the stock, setting a 50c price target (61%) upside.“The KOTH bulk mining operation is forecast by the company to commence in early (calendar) 2022, and current expansion scenarios bring Red 5 into the ranks of Ramelius (RMS), Silver Lake (SLR) and Gold Road (GOR) – about twice Red’s current market cap,’’
Morgans said.It said that there was also the possibility of further exploration/expansion upside possibly elevating production by Red 5 to Saracen (SAR), St Barbara (SBM) and Regis (RRL) levels (about six times the current market cap).
Morgans’ target price assumes FY2020 and FY2021 gold prices of $US1,500/oz and $US1,405/oz respectively, with a long-term price of $US1,250/oz. For comparison purposes, Macquarie’s recently upgraded gold outlook is for $US1,469/oz in FY2020, $US1,606/oz in 2021, and a long-term price of $US1,400/oz."