chart commentary please, page-7

Some good points made alphman - i presume you relate the gold production of 80k oz pa to RED having 90% of siana, thus 90% of total 100k oz pa from the project. I would anticipate that overall costs p oz will drop due to the combined o/p and u/g production from about year 3 (maybe sooner?). Your analysis seems very technically based and therefore suggests RED is currently a STEAL!!!

On that basis RED should be + 40 cents at time of first production, when you factor in the increased resources/reserves that were not included in the previous BFS.

The big upside i see is in Mapawa MPSA being granted, that will allow increased early years production and also substantially increase resources/reserves in the shallower areas at even less opex costs per oz! This analysis has not ever been included in the BFS work, but will become a priority once granted (and it is likely to be granted at the same time of Siana title transfer to RED - it will be processed administratively the same time i would imagine)