cash flow and value from Q4, page-2

Not sure if Q4 was a good guide to the next 8 quarters. They seemed to struggle to keep ore supply in adequate quantities. Don't know if it was because equipment was committed to other programs or stage 2 just didn't provide enough supply. Maybe a little of both. There was obviously a problem with the foundations of the jaw crusher so may be this was a bottle neck.
Anyway, hopefully, all is well with the processing plant, they are now extracting ore from stage 3 which seems to let ore flow in greater quantities, hopefully the slough material is no longer an issue, and last, but not least, the maintenance of the processing plant has let the stockpiles build up.
In my opinion operations will shift up a gear. With the processing plant coming off maintenance we should see name plate production. Should be plenty of cash, but...
It looks to me as if Red only wants to hold about $8 mil cash. Have my suspicions why but that's for another post. They will only sell enough gold to maintain this level. The balance will remain in inventory, showing up on the balance sheet as gold at cost. Good strategy on a rising gold price. So don't expect to see a balance sheet flush with cash. They have got some serious projects coming up, UG development and a ramp up of exploration, so I'm thinking they will keep their powder dry.