More likely this could be an opportunity for MML to be that...

More likely this could be an opportunity for MML to be that "vulture fund" you speak of...

MML has no debt, cash in bank and will likely be FCF+ as of this quarter...

And whilst MML may have avoided Gina's wrath to date, the country risk has indeed increased, but given that they are already exposed to that same risk as RED and that there is not much that can be done about the new risks, if I was MML looking at RED's enterprise value of $0 I'd be starting to make some phone calls...

For $0 MML would pick themselves up a few hundred thousand reserve ounces and more resource ounces and a mill. All within a couple hundred kilometers of each other.

I don't know about you, but if you're already balls deep and the price to go deeper is $0, and for that $0 you double or triple your upside, then it seems logical for MML to take that bet.

Might be time for RED management to go door knocking for a white knight.

Better to merge with MML now who has the operations and cashflow to keep RED's asset on C&M (and could probably do it at lower cost) until the Philippines government becomes accepting of mining investment again, which could be years away, but would be a nice payday for both RED and MML shareholders when the day came.